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European shares and Euro reversed from the early gains ahead of European Central Bank (ECB) President Christine Lagarde's speech later in the day. Lagarde's speech will be closely watched for clues on the future of monetary policies and interest rates in the eurozone. Lagarde is expected to signal that the ECB will slow the pace of its interest rate after the latest economic data showed November's eurozone annual inflation of 10% was down from 10.6% in October.
EQUITIES
Asian stock markets slipped on Thursday as investors and market participants anticipate surging rates will trigger a much sooner and possibly more severe global recession. Meanwhile, the US stock futures trade flat. Moving ahead, Investors will shift their attention today to corporate earnings with some of the biggest U.S. companies reporting their earnings,
On the earnings front, Lululemon, Chewy and Costco are amongst those reporting the last quarter's financial results today.
OIL
Crude oil bears are firmly in control. On the macro side, US Dollar strength and poor manufacturing data were the main bearish factors impacting crude markets this week. On the other hand, the latest EIA data showed crude inventories fell by 5.187 million barrels last week.
CURRENCIES
In the currency market, the Canadian dollar remains one of the weakest currency pairs of the week. The USDJPY trades flat following the release of better-than-expected Japan Q3 GDP data. The data showed Japan's economy, the world's third largest, shrank less than initially estimated in the third quarter. On the other hand, the GBPUSD retreats back to below 1.2180.
GOLD
The safe-haven metal is struggling to firm to the upside due to aggressive Fed rate hike bets. Moving ahead to the North American session, gold traders should closely monitor the release of US jobless claims data.
Economic Outlook
On the data front, the Bank of Canada announced another 50bp rate hike on Wednesday, bringing it to 4.25 per cent and the highest it’s been since 2008. “We are resolute in our commitment to achieving the 2 percent inflation target and restoring price stability for Canadians,” the central bank said.
Coronavirus update:
Worldwide, more than 645 million people have been confirmed infected and more than 6.6 million have died. The United States has confirmed over 98.9 million cases and has had more than 1.08 million deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: For today the first support for the Euro appears to be around 1.0470, in the short-term any break below 1.0470 is the next downside level to watch 1.0440/30. On the other upper side, the immediate resistance is around 1.0550 any break and close above this level will open at 1.0580 and 1.0600.
The important levels to watch for today: Support- 1.0470 and 1.0430 Resistance- 1.0550 and 1.0580.
GOLD: The metal currently forming the head of a head & shoulders pattern. On the downside, 1772 is the immediate support level, followed by 1766. However, the bears need to see a confirmed break below the crucial support of 1760 for further downside. On the flip side, the critical resistance remains above 1794.
The important levels to watch for today: Support- 1772 and 1765 Resistance- 1790 and 1795.
Quote of the day - A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort - Richard Driehaus.
Read more - https://gulfbrokers.com/en/daily-market-report-586
EQUITIES
Asian stock markets slipped on Thursday as investors and market participants anticipate surging rates will trigger a much sooner and possibly more severe global recession. Meanwhile, the US stock futures trade flat. Moving ahead, Investors will shift their attention today to corporate earnings with some of the biggest U.S. companies reporting their earnings,
On the earnings front, Lululemon, Chewy and Costco are amongst those reporting the last quarter's financial results today.
OIL
Crude oil bears are firmly in control. On the macro side, US Dollar strength and poor manufacturing data were the main bearish factors impacting crude markets this week. On the other hand, the latest EIA data showed crude inventories fell by 5.187 million barrels last week.
CURRENCIES
In the currency market, the Canadian dollar remains one of the weakest currency pairs of the week. The USDJPY trades flat following the release of better-than-expected Japan Q3 GDP data. The data showed Japan's economy, the world's third largest, shrank less than initially estimated in the third quarter. On the other hand, the GBPUSD retreats back to below 1.2180.
GOLD
The safe-haven metal is struggling to firm to the upside due to aggressive Fed rate hike bets. Moving ahead to the North American session, gold traders should closely monitor the release of US jobless claims data.
Economic Outlook
On the data front, the Bank of Canada announced another 50bp rate hike on Wednesday, bringing it to 4.25 per cent and the highest it’s been since 2008. “We are resolute in our commitment to achieving the 2 percent inflation target and restoring price stability for Canadians,” the central bank said.
Coronavirus update:
Worldwide, more than 645 million people have been confirmed infected and more than 6.6 million have died. The United States has confirmed over 98.9 million cases and has had more than 1.08 million deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: For today the first support for the Euro appears to be around 1.0470, in the short-term any break below 1.0470 is the next downside level to watch 1.0440/30. On the other upper side, the immediate resistance is around 1.0550 any break and close above this level will open at 1.0580 and 1.0600.
The important levels to watch for today: Support- 1.0470 and 1.0430 Resistance- 1.0550 and 1.0580.
GOLD: The metal currently forming the head of a head & shoulders pattern. On the downside, 1772 is the immediate support level, followed by 1766. However, the bears need to see a confirmed break below the crucial support of 1760 for further downside. On the flip side, the critical resistance remains above 1794.
The important levels to watch for today: Support- 1772 and 1765 Resistance- 1790 and 1795.
Quote of the day - A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort - Richard Driehaus.
Read more - https://gulfbrokers.com/en/daily-market-report-586