DAILY MARKET REPORT - Friday, April 09, 2021

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China consumer price index (CPI) increased by 0.4 percent year on year in March, data from the National Bureau of Statistics (NBS) showed Friday. Meanwhile, on a month-over-month basis, the inflation declined to -0.5% from 0.6%. On the other hand, the producer prices rose by 4.4 percent year-on-year in March, increased from a 1.7 percent gain in the prior month.

EQUITIES

Wall Street ended higher on Thursday following the bullish comments from the FED chair Jerome Powell. While Chinese shares ended lower on Friday after mixed inflation data and the tensions over Taiwan after a US warship sailed close to the Chinese-claimed island.

OIL

Crude oil prices struggling to find the upside momentum on renewed concerns about global fuel demand after a number of coronavirus cases increasing across Europe and India.

CURRENCIES

In the currency market, the British pound slightly rebounded from the early session lows after better-than-expected UK house price index data. During the early session, the currency pair hit a new weekly low of 1.3670 over rising worries about the AstraZeneca vaccine.

GOLD

Gold price retreated back to below $1750 on Friday. The safe-haven metal climbed to a fresh weekly high on Thursday after the disappointing US jobless claims data.



Economic Outlook

On the data front, the German industrial production fell by 1.6 percent in February of 2021, compared to market forecasts of a 1.5 percent increase.

On Thursday, the US released the weekly jobless claims data. The data showed the jobless claims increased to 744,000, against the 680,000 claims in forecasts.

Moving ahead to the North American session, the investors should closely monitor the latest US PPI

numbers for March and the Canada employment report.

Coronavirus update:

Worldwide, more than 133.7 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.9 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD:
The currency pair slightly rebounded from the short-term demand zone. At the time of writing, the pair trades above 1.3700.

euraud


The important levels to watch for today: Support- 1.3670 and 1.3640 Resistance- 1.3710 and 1.3740.



GOLD: The yellow metal reversed from the previous session highs. Meanwhile, the overall momentum remains bullish for this whole week.

gold neww


The important levels to watch for today: Support- 1740 and 1736 Resistance- 1750 and 1756.

Quote of the day: if you can’t take a small loss, sooner or later you will take the mother of all losses – Ed Seykota.

Read more- https://gulfbrokers.com/en/daily-market-report-282
 
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