Daily Market Report by GulfBrokers 2020-2021

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Worldwide, the number of COVID-19 cases passed 149 million and more than 3.1 million have died. The United States has confirmed over 32 million cases and has had more than 572,900 deaths from COVID-19, the highest totals in the world.

India reported 379,257 newly diagnosed COVID-19 cases in the last 24 hours. The WHO said India accounted for 38% of the 5.7 million cases worldwide which were reported to it last week. The Philippines has extended restrictions on movement and gatherings after the confirmed coronavirus infections in the country crossed 1 million.

Meanwhile, the new cases and deaths continue to drop in the US. “We’ve made stunning progress,” US president Joe Biden said on Tuesday.

EQUITIES

US stock futures recovered from the early session losses following the positive comments from U.S. President Joe Biden. He unveiled plans for a $1.8 trillion stimulus package. Tech giants Apple and Facebook reported stronger-than-expected financial results. Apple stock rallied nearly 3% after hours to $37.35, while Facebook jumped 7% to an all-time $328.80 high.

On the earnings front, Domino's (NYSE: DPZ) and McDonald's (NYSE: MCD) reporting earnings today before the bell while Amazon (NASDAQ: AMZN), Twitter (NYSE: TWTR) and Gilead (NASDAQ: GILD) is scheduled to report results after the market close.

OIL

Crude oil prices jump to new weekly heights on Thursday despite weaker-than-expected API and EIA oil inventory data.

CURRENCIES

In the currency market, the US dollar plunged after the dovish outlook from Federal Reserve. On Thursday during the European session, the Dollar Index slightly rebounded ahead of US GDP figures.

GOLD

The Safe-haven metal closed higher on Wednesday after Fed Chairman Jerome Powell’s dovish FOMC statement. Moving ahead to the North American session, the gold traders focus now shifts to the release of the US Q1 GDP report.

Economic Outlook

On the data front, US Federal Reserve Leaves rates unchanged and monthly bond-buying steady. The central bank says Inflation has risen, largely reflecting transitory factors. While Fed chair Jerome Powell maintained that the central bank was not planning to ease off on its asset purchases anytime soon.

"The ongoing public health crisis continues to weigh on the economy, and risks to the economic outlook remain" FOMC statement.

Moving ahead today, the important events to watch:

US – GDP: GMT – 12.30

US – Jobless claims: GMT – 12.30

US –Pending home sales: GMT – 14.00

Technical Outlook

EUR/USD:
The currency pair trading steady above 1.21 on Thursday. The key levels to watch today 1.2050 and 1.2150.

eurusd


The important levels to watch for today: Support- 1.2080 and 1.2050 Resistance- 1.2150 and 1.2180.

GOLD: The gold price retreats from the previous session highs. At the time of writing, the metal trades below the short-term support area of $1774.

gold neww


The important levels to watch for today: Support- 1768 and 1760 Resistance- 1784 and 1790.

Quote of the day: “I made my first investment at age eleven. I was wasting my life until then.” Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-296
 
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The EUR/USD starts the new week on a positive note boosted by the upbeat German retail sales data. The Retail sales increased by a real 7.7% on a monthly basis in March, higher than the 3% forecast by economists. On a yearly basis, the retail sales climbed by a record 11% in March.

EQUITIES

US stock futures and European shares recovered from Friday’s losses. Meanwhile, the overall momentum remains mixed as the Markets in the UK, Japan and China closed for a holiday.

OIL

Crude oil prices retreat back to near the daily lows as the investors remain concerns over rising Covid-19 infections in India, Japan, and other Asian countries.

CURRENCIES

In the currency market, the Australian dollar rebounded from the early session lows ahead of the RBA interest decision and policy statement which is scheduled on Tuesday Asian session. At the time of writing, the AUD/USD trades above 0.7734.

GOLD

The Safe-haven metal trading unchanged on Monday due to holiday-thinned markets. This week the Gold investors and traders should closely watch the movement of the US dollar Index since it rebounded from the demand area of 90.50.

Economic Outlook

On the data front, Germany, French, and Eurozone manufacturing PMI figures came lower-than-expected.

This week the main highlights of the economic calendar will be the Bank of England and Reserve Bank of Australia meeting, US Non-farm payrolls and US crude inventory data.

Moving ahead today, the important events to watch:

US – Manufacturing PMI: GMT – 13.45

US –ISM manufacturing PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 152 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.3 million cases and has had more than 576,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

DOLLAR INDEX:
The Index slightly retreats from the previous week high. The crucial levels to watch this week 91.50 and 90.40

DXY


The important levels to watch for today: Support- 91.00 and 90.80 Resistance- 91.30 and 91.50.



GOLD: The yellow metal trading above $1780 area during the European session, if the bullish momentum continues the next upside levels to watch the $1784 and $1790 zone. On the flip side, the immediate support at $1774/68.

gold neww


The important levels to watch for today: Support- 1774 and 1768 Resistance- 1784 and 1790.

Quote of the day: “The majority of short-term trading results are just random. In the long term, the money ends up with those that can trade and manage risk.”

Read more- https://gulfbrokers.com/en/daily-market-report-298
 
GOLD

Support: $1754 and $1740 Resistance $1800 and $1820
gold neww.PNG

EURUSD

Support: 1.1990 and 1.1930 Resistance: 1.2090 and 1.2120/50
eurusd.PNG

Dollar Index

Support: 90.80 and 90.30 Resistance: 91.40 and 92.10
DXY.PNG
 
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