DAILY MARKET REPORT - Friday, Feb 05, 2021

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The US dollar outperformed all major currencies this week and climbed to a fresh year high ahead of NFP report, due later during the early North American session. The consensus is for an increase of 50k non-farm payroll jobs, and for the unemployment rate is expected to remain unchanged at 6.7%. In December, the total Non-Farm payroll employment decreased by 140k and the unemployment rate remained unchanged at 6.7%.

EQUITIES

US indices futures rose to a fresh session high on Friday supported by upbeat Q4 earnings results and strong US macro-economic data including ADP employment report and ISM manufacturing data.

OIL

Crude oil price bullish rally continues on Friday lifted by OPEC+ extended its current oil output policy. The oil prices also received additional support by better-than-expected EIA and API inventory data.

CURRENCIES

In the currency market, the British pound hovers near the 1.3700 level ahead of Bank of England governor Andrew Bailey speech. The pound trading strong from the previous session after the BOE decided not to change the parameters of monetary policy and keep the key interest rate at 0.10%.

GOLD


Gold price slightly reversed from the previous session lows and trading above $1800 during the European session. Overall, the momentum remained bearish throughout this week.

Economic Outlook

On the data front, the US Initial jobless claims for the past week came in at 779,000, better than the expected 830,000 and better than the previous week’s 812,000. On the other hand, on Friday during the

Asian session the Australian Bureau of Statistics released the retail sales data. The data showed the retail sales were down a seasonally adjusted 4.1% on month in December.

Moving ahead today, the important events to watch:

US – Nonfarm payrolls: GMT – 13.30

CANADA – Employment report: GMT – 13.30

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 104.8 million and more than 2.28 million deaths have been recorded. The United States has confirmed over 26.6 million cases and has had more than 453,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The Index trading steady above 91.30 ahead of NFP data, during the Asian session the pair hit a fresh year high of 91.57.

DXY


The important levels to watch for today: Support- 91.30 and 90.90 Resistance- 91.60 and 91.90.

GOLD: The precious metal trading extra volatile ahead of US job data. At the time of writing, the metal trades above $1805.

gold neww


The important levels to watch for today: Support- 1795 and 1780 Resistance- 1814 and 1824.

Quote of the day: Investing is fun and exciting, but dangerous if you don’t do any work – Peter Lynch.

Read more- https://gulfbrokers.com/en/daily-market-report-254
 
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