Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

The US automaker Ford (NYSE: F) stock has taken a hit in the recent downturn and plunged from $25 to almost near $10 per share since January 2022. The ongoing shortage of semiconductors also caused solid bearish momentum. However, I believe the Ford shares are now an absolute bargain for patient investors.

Ford Q2 results overview​

Recently, Ford revealed the second quarter delivery report. The automaker managed to report an increase in unit sales for the last quarter, Ford delivered almost 484,000 cars. While the sales in China were the worst sales report in the region since 2020, the sales plunged more than 20% in the second quarter. Moving ahead, the investors should closely monitor the release of second-quarter financial results, Ford will report Q2 2022 earnings results on July 27th after the market close. The company is expected to post quarterly earnings of $0.45 per share and revenues are expected to be $35.04 billion.

Ford (F) short-term technical outlook​

Technically the overall momentum remained bearish for the $F throughout this year. Ford stock has traded as high as $25.87 and as low as $10.61 over a 52-week period. In the short-term, on the downside, $12.30 will act as an initial cushion, followed by $11.80. Further selling pressure will intensify only if the stock break below $11.80 levels. On the upper side, $14 remains the key resistance area to watch, any break above this will open the doors to $14.60/15. A further recovery allows for a push toward $15.60 and $16.20 serving as additional upside targets.

Is Ford a good stock to buy right now?​

Ford stock was one of the best-performing stocks in 2021, the stock rallied by more than 130% in 2021. Ford remains one of the most promising companies in the electric-vehicle industry in the last two years. The Ford Mustang Mach-E is one of the two cornerstones of the brand’s future, alongside the Ford F-150 Lightning electric pickup truck. Last month the company announced a $3.7 Billion investment to boost electric vehicle production and this investment will increase production of the new electric F-150 Lightning truck to 150,000 units a year.



Ford stock is now trading below $13, which is down more than 35% from the 52-week high. Despite the recent pullback, the long-term prospects for the car maker remain solid, this is one of the reasons why the stock looks like a bargain buy for me.

Read more - https://gulfbrokers.com/en/fordf-hits-a-new-52-week-low-is-ford-stock-a-bargain-buy

 

[syamfx2020]

The big tech giants Google’s parent company Alphabet (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT) are scheduled to announce their latest quarterly earnings on Tuesday after the markets close. Wall Street expects Alphabet to earn $1.28 per share on revenue of $69.95 billion. While Microsoft is expected to post quarterly earnings of $2.29 per share and revenues are expected to be $52.4 billion.

$GOOGL key technical levels to watch today:

Support: $105 and $101

Resistance: $112 and $115

$MSFT key technical levels to watch today:

Support: $253 and $246

Resistance: $265 and $270

EQUITIES

US stock futures trade flat ahead of big tech earnings results. The European shares fall after EU countries agreed on an emergency plan to reduce gas consumption by 15%. The plan is to be approved today at a meeting of energy ministers of the EU countries in Brussels.

OIL

Crude oil futures extended the gains on Tuesday Morning after Russian energy company Gazprom announced its plans to reduce gas supplies to Europe. Gazprom said that another maintenance operation on a turbine forces it to reduce by 20% the capacity of the Nord Stream gas pipeline that carries Russian gas to Western Europe.

CURRENCIES

In the currency market, the US dollar regains momentum ahead of the FED decision and both the British pound and Euro reversed from their early gains. As of this writing, the EURUSD trade is below 1.0180 and GBPUSD hovers near the key support 1.2000 area. On the other hand, the Asian currencies like the Australian dollar and the New Zealand dollar largely subdued

GOLD

The safe haven struggling to regain the upside momentum as investors turned cautious ahead of the US Federal Reserve's decision on interest rates. Moving ahead to the North American session, the gold traders should closely monitor the release of US consumer confidence data.

Economic Outlook

On the data front, the German released disappointing IFO data on Monday. The data showed German IFO business climate index fell to 88.6 in Jul from 92.2 in Jun, the lowest value since Jun 2020. The current situation index slid to 97.7 from 99.4 in June, compared to the market forecasts of 98.0.

Moving ahead today, the important events to watch:

US – New home sales: GMT – 14.00

US – Consumer confidence: GMT – 14.00

Coronavirus update:

Worldwide, more than 570 million people have been confirmed infected and more than 6.38 million have died. The United States has confirmed over 90.4 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remained bearish for the pair after the bulls failed to extend the rally. The short-term resistance is located in the area of yesterday’s high of 1.0180, a break above 1.0180 will confirm a possible move to 1.0220/40. On the downside, if the pair loses the 1.0120 handles, then we expect a move toward 1.0080/70



The important levels to watch for today: Support- 1.0120 and 1.0070 Resistance- 1.0180 and 1.0220.

GOLD: For today, the metal-supported at 1712 level, any break below this level will open the doors to 1708 and 1700. On the other upper side, the immediate resistance at 1730 then 1735.



The important levels to watch for today: Support- 1712 and 1700 Resistance- 1730 and 1735.

Quote of the day - “Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.” — Seth Klarman.

Read more - https://gulfbrokers.com/en/daily-market-report-531

 

[syamfx2020]

The second quarter earnings season continues, and the big tech giants Microsoft and Alphabet announced weaker-than-expected second-quarter earnings results. Today the investors are shifting their focus to the Federal Reserve’s monetary policy meeting.

The FED Monetary Policy Statement is set to be released at 18:00 GMT. Along with this release will see the FED chair Jerome Powell Conference 30-minutes after at 18:30. The central bank is likely to announce a 75 basis point interest rate hike. The investors will pay close attention to the update from Jerome Powell about the central bank’s view of the economic outlook as well as clues about the future path of rate hikes.

EQUITIES

US stock futures were flat on Wednesday morning session as investors and traders took a cautious stance ahead of the most anticipated US FED decision. Meanwhile, the stocks facing limited bearish momentum supported by the easing fears of a 100-basis-point rate hike by the U.S. Federal Reserve.

OIL

Crude oil futures extend the decline in the Asian session despite the release of better-than-expected API inventory data. The data showed that US crude stockpiles declined by 4 million barrels last week. Moving ahead to the North American session, the oil traders should closely monitor the release of the EIA inventory report.

CURRENCIES

In the currency market, the US dollar ended higher on Tuesday while the index struggled to break above the key resistance of 107.30, the future direction of the USD will depend on today’s FED meeting outcome. On the other hand, the British pound remains one of the strongest currencies this week.

GOLD

The safe haven metal trades flat on Wednesday but the metal recovered the previous session's losses supported by a pullback in the dollar. However, overall momentum remained bearish throughout this month as the central bank's aggressive rate hike policy has dented the bullion’s safe-haven appeal.

Economic Outlook

On the data front, the Australian Bureau of Statistics released the latest inflation data. The data showed the annual inflation rate jumped to the highest level in more than two decades. The CPI rose 6.1% in the second quarter compared to the same period last year, up from 5.1% in the first quarter of the year.

Moving ahead today, the important events to watch:

US – Durable goods orders: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

US – FOMC interest rate decision and statement: GMT – 18.00

Coronavirus update:

Worldwide, more than 570 million people have been confirmed infected and more than 6.38 million have died. The United States has confirmed over 90.4 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For Euro, the first nearest support level is located at 1.0100. In case it breaks below this level, it will head towards the next support level which is located near 1.0070. On the upside, 1.0180 will act as an immediate and strong hurdle while 1.0230 will be a critical resistance zone because above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1.0100 and 1.0070 Resistance- 1.0180 and 1.0280.

GOLD: For gold, the resistance for the metal remains above 1735, any break over targets 1745/50. On the other side, the immediate support is near 1712 and any break will drag the metal to 1700 and 1696 levels.



The important levels to watch for today: Support- 1712 and 1695 Resistance- 1735 and 1750.

Quote of the day - “Use limit orders exclusively-except when placing stops. Be careful what you use: there is no magic solution. Success cannot be bought; it can only be worked on.” Alexander Elder.

Read more - https://gulfbrokers.com/en/daily-market-report-532

 

[syamfx2020]

The burger giant McDonald’s (NYSE: MCD) reported its second-quarter financial results on Tuesday. The company's Q2 earnings beat estimates while its revenue fell 3% to $5.72B in the April-June period due to the closure of McDonald’s Russian and Ukrainian restaurants and coronavirus restrictions in China.

• Earnings per share: $2.55 $2.47 expected
• Revenue: $5.72 billion $5.82 billion expected

“By focusing on our customers and crew, enabled by a rapidly growing digital capability, we delivered global comparable sales growth of nearly 10%. Nonetheless, the operating environment across the competitive landscape remains challenging. We are planning for a wide range of scenarios; I am confident that our plans and people position McDonald’s to weather this environment better than others.” - McDonald’s CEO, Chris Kempczinski said.

McDonald’s reported that global comparable sales reported 9.7% increases overall, compared with the same period last year boosted by strong digital sales and international growth. In the US, the sales saw an increase of 3.7%, topping estimates of 2.8%. The company is still projecting 12% to 14% inflation for food and packaging through the end of the year across the United States as well.

Shares of the McDonald’s ended almost 3% higher on Tuesday, but the shares are down 6% since the start of the year.

Read more - https://gulfbrokers.com/en/mcdonalds-q2-earnings-beats-but-revenue-miss-estimates

 

[syamfx2020]

Shares of the iPhone maker Apple (NASDAQ: AAPL) stock closed by more than 3% on Wednesday ahead of the earnings announcement. Apple is scheduled to report third-quarter financial results today after US markets close. $AAPL is expected to post quarterly earnings of $1.16 per share and revenues are expected to be $82.8 billion.

$AAPL Key technical levels to watch:

Support: $153 and $150

Resistance: $158.60 and $162

EQUITIES

Wall Street ended higher on Wednesday supported by better-than-expected earnings results and FED chair Powell hinted at a slowdown in the pace of rate hikes at future meetings. Shares of the Automaker giant Ford (NYSE: F) and the online marketplace Etsy (NASDAQ: ETSY) gained more than 6% in after-hours trading following the release of stronger-than-expected second-quarter earnings results.

OIL

Crude oil prices bounced and traded near the weekly highs boosted by the weak US dollar and an unexpected drop in U.S. crude inventories. The EIA data showed the US crude oil inventories declined by 4.523 million barrels in the week ended July 22nd.

CURRENCIES

In the currency market, the dollar index extended losses and dropped to near the key support 96.00 area after the FED chair Powell rejected speculation that the US economy is on the brink of a recession. Meanwhile, during the European session on Thursday, the index slightly recovered from the early session losses. On the other hand, the Euro trims gains after the Eurozone economic confidence dropped to 99, the lowest level in nearly 1.5 years.

GOLD

The yellow metal prices reached a more than one-week high on Thursday. The gold price rose almost 25$ after the FED decision and at the time of writing, the metal trades were above $1745. Today gold investors and traders should closely monitor U.S. Treasury Secretary Janet Yellen's speech which is scheduled for later in the day.

Economic Outlook

On the data front, the Federal Reserve raised its benchmark interest rate by 75 basis points and the Fed funds rate now stands in the range of 2.5%-2.75%. The FOMC statement noted that inflation remains elevated and labour market conditions remain tight. The central bank has hinted that it will carry out more interest rate hikes in the coming months.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US – GDP: GMT – 12.30

Coronavirus update:

Worldwide, more than 570 million people have been confirmed infected and more than 6.38 million have died. The United States has confirmed over 90.4 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains mixed. On the downside, the immediate support will be the same as the previous session’s low at 1.0095, below which the slide could extend towards 1.0070. On the upper side, if the pair break above 1.0230 it would open doors towards the next resistance area of 1.0280 and above that 1.0350 is next.



The important levels to watch for today: Support- 1.0130 and 1.0070 Resistance- 1.0230 and 1.0280.

GOLD: For today, the initial bias remains bullish. The key resistance is located for the metal around 1748, a break above this level will confirm a possible move to 1755/60. On the downside, any meaningful pullback now seems to find some support near the 1735 zones, below which the slide could further get extended towards the 1730/27 regions.



The important levels to watch for today: Support- 1735 and 1727 Resistance- 1750 and 1760.

Quote of the day - Think for yourself and don’t let the market direct you. Security prices sometimes fluctuate, not based on any apparent change in reality, but on changes in investor perception- Seth Klarman.

Read more - https://gulfbrokers.com/en/daily-market-report-533

 

[syamfx2020]

Shares of the e-commerce pioneer Amazon (NASDAQ: AMZN) bounced more than 13% in Thursday's after-hours session after the company announced better-than-expected second-quarter revenue numbers but the company posted a quarterly net loss of $2 billion, its second consecutive loss in a quarter.

The upbeat Q2 revenue was boosted by impressive revenue in Amazon Web Services and advertising. Revenue for Amazon Web Services (AWS) increased 33% to $19.7 billion in the last quarter and advertising revenue grew 18% to $8.8 billion. Amazon also provided an optimistic forecast for the third quarter, as it expects revenue between $125 billion and $130 billion, representing growth of 13% to 17%.

“Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfilment network,” Amazon CEO, Andy Jassy said.

EQUITIES

US futures extended the gains on Friday morning supported by better-than-expected earnings results. Moving ahead to the North American session, investors should closely monitor the release of US personal income and spending data, because the Federal Reserve views the PCE index as the best barometer of inflation trends.

OIL

Crude oil futures traded higher on Friday and the bullish momentum remained throughout this week lifted by falling US crude inventories and the weak US dollar. Both API and EIA inventory data came better than expected this week. Moving ahead, the focus shifts to the next week's Organization of the Petroleum Exporting Countries (OPEC) and allies meeting.

CURRENCIES

In the currency market, the Euro and British pound slightly reversed from their early gains. Meanwhile, the dollar index, which measures the greenback against six other major currencies slightly rebounded back to above 106 but overall momentum remained bearish after the release of weak US GDP data.

GOLD

The safe-haven metal holding the previous session gains on Tuesday supported by the sharp decline in the US dollar. Overall, the momentum remains bullish throughout the European session. At the time of writing, the metal trades were above $1760.

Economic Outlook

On the data front, US GDP for Q2 showed the economy contracting for the second consecutive quarter. The GDP fell at a yearly pace of 0.9 percent in the second quarter.

Moving ahead today, the important events to watch:

US – Personal income and spending: GMT – 12.30

Canada – GDP: GMT – 12.30

Coronavirus update:

Worldwide, more than 570 million people have been confirmed infected and more than 6.38 million have died. The United States has confirmed over 90.4 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.0180. On the flip side, the key resistance at 1.0280 any break above this level will open 1.0330/40 minimum.



The important levels to watch for today: Support- 1.0200 and 1.0170 Resistance- 1.0280 and 1.0340.

GOLD: For today as long as the metal trades above $1750 levels, the medium-term uptrend will remain in place. On the downside, $1756 is the immediate support level, followed by $1750. Further selling pressure will intensify only if the Index break below $1740 levels.



The important levels to watch for today: Support- 1750 and 1745 Resistance- 1772 and 1780.

Quote of the day - Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. - Benjamin Graham.

Read more here - https://gulfbrokers.com/en/daily-market-report-534

 

[syamfx2020]

Last week, most of the major global stock indices and precious metals ended in positive territories after the latest FED chair Jerome Powell's comments indicated that the Fed will reduce the pace of rate hikes in order to ease the pain of the economic contraction. This week's economic calendar is packed with important events which include the US employment report and the OPEC+ meeting. On the other hand, this week we see interest rate decisions from the Reserve bank of Australia on Tuesday and the Bank of England on Thursday.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be Airbnb, Uber, Pinterest, AMD, Starbucks and Moderna.

GOLD

The safe-haven metal ended high for the second consecutive week supported by the downward pressure on safe-haven demand for the greenback. Gold prices were steady early on Monday, hovering around a nearly three-week high. The US labour market will set the tone for the gold price this week, as it will offer fresh cues on the Fed’s next policy move and any speakers from the Fed will also be closely watched. The U.S. Federal Reserve raised its key interest rate by 75 basis points last week for the second consecutive time.



This week, the critical resistance for gold is located above 1782, a break above this level will confirm a possible move to 1795 and 1800. On the downside, any meaningful pullback now seems to find some support near the 1755/50 zones, below which the slide could further get extended towards the 1740/36 region.

DOLLAR INDEX

The king dollar ceded ground in Asia on Monday with greenback bulls still struggling to find upside momentum after the Federal Reserve’s rate guidance last week. This week, USD traders will mainly focus on US labour market data. Markets expect 250,000 new jobs to have been created last month, an increase from the 372,000 jobs gained in June. Meanwhile, the unemployment rate is anticipated to have remained constant in July at 3.6%



From a technical perspective, The 105.50 area of confluence has recently been held as a firm support, failure to defend the mentioned support levels has the potential to drag the pair further towards the 105 support zone. On the upper side, in case the pair manages to settle above 106.30, it will regain upside momentum and head towards the next resistance level at 106.70 and 107.

EURUSD

The currency pair is still weak here despite a modest bounce in the last couple of days. The pair again failed to break above 1.0280 last week and now there is a real battle going on at the current level and we could see a strong move in either direction. The biggest driver for the Euro this week is the retail sales data from Eurozone and the latest PMI numbers from Germany and Europe.



For this week, 1.0170 is the immediate support level, followed by 1.0130. If the pair breaks below 1.0130, the slump will quickly extend toward the 1.0080/70 mark. On the flip side, the bullish breakout of 1.0280 is likely to push the index into a new trading zone, which may offer further buying opportunities until 1.0350 and 1.0380.

DOW JONES

The Dow Jones futures started the new week on a stable note lifted by a less Hawkish Federal Reserve outlook and better-than-expected corporate earnings reports. This week the Dow traders will likely keep a look at the economic releases, including the release of the US ISM PMI data and the US labour market report.



This week, the first resistance is located around 31,100, a break above this level will confirm a possible move to 31,300/400. On the downside, any meaningful pullback now seems to find some support near the 32,500 zones, below which the slide could further get extended towards the 32,300 and 32,100 regions.

Read more here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-41

 

[syamfx2020]

Shares of the image-sharing company Pinterest (NYSE: PINS) bounced more than 20% in after-hours trading on Monday despite the company releasing weaker-than-expected second-quarter earnings and revenue. The stock jumped after the user growth remained flat compared to the March quarter at 433 million global monthly active users. However, the Pinterest stock is down more than 42% this year.

• Earnings per share: $0.11 vs. $0.18 expected
• Revenue: $666 million vs. $667 million expected

“We accelerated our investment in shopping and e-commerce this quarter, and I am thrilled by the dedication of our leaders and employees to continue to build a positive place on the Internet.” - Pinterest CEO Bill Ready said.

EQUITIES

US futures trade lower on Tuesday morning driven by the rising tensions between China and the US ahead of US House Speaker Nancy Pelosi’s visit to Taiwan. The Chinese Foreign Ministry spokesperson warned the US on August 2, saying, "China and US through different channels have maintained close communication. We've repeatedly expressed our strong opposition to the potential visit of Speaker Nancy Pelosi to Taiwan & that it's a sensitive issue & how dangerous it could be."

OIL

Crude oil futures remain under pressure following the previous session's sell-off. The strong bearish sentiment is fueled by weak manufacturing data from China and the recession fears. Moving ahead, the focus shifted to the outcome of an OPEC+ meeting on Wednesday.

CURRENCIES

In the currency market, the US Dollar Index, which measures the greenback’s value against the basket of six major currencies price regain the upside momentum against the Euro and British pound. Moving ahead to the North American session, the USD traders will now be focused on the JOLTs job openings data which is set to be released at 14.00 GMT.

GOLD

The safe-haven metal hits the fresh 4-week high of $1780 on Tuesday morning supported by the weaker US dollar and escalating US-China tension over Taiwan. Meanwhile, the metal slightly retreats from the daily highs. At the time of writing, the gold price trades below $1770.

Economic Outlook

On the data front, Australia’s Reserve Bank has lifted its key interest rate for a 4th straight month. The central bank raises interest rates by half a percentage point, up to 1.85% at Tuesday's board meeting.

"The increase in interest rates over recent months has been required to bring inflation back to target and to create a more sustainable balance of demand and supply in the Australian economy," - RBA governor Philip Lowe said.

Coronavirus update:

Worldwide, more than 577 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 91 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair needs to stay above 1.0180; otherwise. 1.0150/30 may be visible soon. On the upper side, 1.0300 is the key resistance zones to watch, if the pair breaks and close above this area then the next resistance area to watch is around 1.0350/60.

The important levels to watch for today: Support- 1.0200 and 1.0180 Resistance- 1.0270 and 1.0300.


GOLD: For today, $1785 remains the key resistance to watch. On the downside, rejection and pullback from the $1782/85 resistance allow for a dip towards $1765, with $1758 and $1750 forming additional downside targets.

The important levels to watch for today: Support- 1758 and 1750 Resistance- 1775 and 1782.

Quote of the day - “After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!” – Jesse Livermore.

Read more - https://gulfbrokers.com/en/daily-market-report-535

 

[syamfx2020]

Global markets remain shaky as investors turned cautious over U.S. House of Representatives Speaker Nancy Pelosi’s trip to Taiwan. This is the first visit by a US House Speaker to Taiwan since 1997. Pelosi landed in Taipei late on Tuesday, and she held a meeting with the president of Taiwan, Tsai Ing-wen, on Wednesday.

"Today our delegation ... came to Taiwan to make it clear, unequivocally, that we will not abandon our commitment to Taiwan and that we are proud of our enduring friendship," Pelosi said.

Meanwhile, China already reacted to Nancy Pelosi‘s controversial trip to Taiwan. Chinese Foreign Ministry spokesperson Hua Chunying tweeted that Pelosi’s visit was a “major political provocation,”. ‘It proves once again that some US politicians have become ‘troublemakers’ of China-US relations,’ - the Chinese foreign ministry said. China also warned airlines operating in Asia to avoid flying in areas around Taiwan where it is conducting military exercises in response to Pelosi’s visit.

EQUITIES

Wall Street ended lower on Tuesday driven by the rising tensions between China and the US and the weaker-than-expected US JOLTS job openings report. The June JOLTS job openings reading came in at 10.7 million, a miss of the 11.0 million consensuses estimate and the prior reading of 11.3 million jobs.

OIL

Crude oil prices remain under pressure ahead of an OPEC+ meeting later in the day, the Producers are expected to keep output steady. On the other hand, the API inventory data showed that US crude inventories expanded by 2.2 million barrels last week.

CURRENCIES

In the currency market, the US dollar remains steady as Investors have been buying into the safe-haven currency as global market sentiment remains cautious. The British pound retreats back to below 1.2170 after the release of weak UK service PMI data, the focus now shifted to the BOE's decision tomorrow.

GOLD

The safe-haven metal struggling to hold the upside momentum after the Hawkish comments from Federal Reserve officials St. Louis Federal Reserve President James Bullard and Cleveland Fed President Loretta Mester. Both of them opened up the possibility of another large rate hike in September.

Economic Outlook

On the data front, Germany and Eurozone reported better-than-expected service PMI data on Wednesday. Germany Services PMI was revised slightly higher to 49.7 in July and Eurozone services PMI was revised higher to 51.2 in July of 2022 from a preliminary of 50.6.

Moving ahead today, the important events to watch:

US – ISM services PMI: GMT – 14.00

US – EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 577 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 91 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.0220, any break over targets 1.0250 minimum. On the other side, the immediate support is near 1.0150 and any break will drag the pair to 1.0130 and 1.0100 levels.



The important levels to watch for today: Support- 1.0150 and 1.0130 Resistance- 1.0220 and 1.0250.

GOLD: For gold, the first nearest support level is located at 1758/54. In case it breaks below this level, it will head towards the next support level which is located near 1745. On the upper side, 1775 will act as an immediate and strong hurdle while 1790 will be a critical resistance zone because above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1754 and 1745 Resistance- 1775 and 1788.

Quote of the day - "To win in the markets, we need to master three essential components of trading: Sound psychology, a logical trading system, and an effective risk management plan.”

Read more - https://gulfbrokers.com/en/daily-market-report-536

 

[syamfx2020]

• Earnings per share: -$1.33 vs. -$0.25 expected
• 
  
• Revenue: $8.1 billion vs. $7.39 billion expected

Uber's strong Q2 results were boosted by strong demand for its ride-hailing and food delivery services. The gross bookings reached an all-time high of $29.1 billion in the second quarter this year, up 33% YoY. For Q3 2022, Uber anticipates gross bookings of $29 billion to $30 billion.

"We saw an acceleration in both active and new driver growth in the quarter, last quarter I challenged our team to meet our profitability commitments even faster than planned -- and they delivered,” CEO Dara Khosrowshahi said.

Uber reported positive quarterly cash flow for the first time ever. The company generated a free cash flow of $382mn in the last quarter. While the company said that it had suffered an unrealised loss of $245 million on its investment in Zomato.

“We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum,” Uber CFO, Nelson Chai said.

Uber stock closed above $29 on Tuesday and the stock is down more than 35% since the beginning of this year. Uber rival Lyft shares were up 16% on Tuesday, the company is scheduled to report results on Thursday.

Read more - https://gulfbrokers.com/en/uber-stock-soars-after-the-q2-revenue-jumps-105-to-81b