Daily Market Report - Friday, Jan 14, 2022

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The US retail sales report for December is the highlight of today’s economic calendar. The commerce department will release the retail sales data at 13:30 GMT. The market expects to see sequential growth if modestly slowing, with the December print up just 0.1% down from a 0.3% increase in the previous month.

EQUITIES

Wall Street ended lower on Thursday following the comments from Fed governor Lael Brainard. She said that the Fed is likely to start raising interest rates in March. The Fed must pay attention to risks that have low probability but could result in major damage to the economy, Brainard said.

On the earnings front, the banking giants JPMORGAN, CITI and WELLS FARGO reporting earnings today before the bell.

OIL

Crude oil futures slightly retreat from the weekly highs on Friday as the investors remained cautious about the impact of the coronavirus Omicron variant on demand for fuel.

CURRENCIES

In the currency market, the US dollar remains under pressure. The strong bearish momentum fuelled by several Fed officials publicly advocated for rate hikes to start at the March 15-16 policy meeting.

GOLD

The safe-haven metal upside momentum continues as the USD is ended lower for a third straight session. Moving ahead to the North American session, the gold traders should closely monitor the release of the latest US retail sales data.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed US weekly Jobless claims unexpectedly rose to 230k, up from 207k, marking the highest number of initial claims since mid-November.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 13.30

US – Michigan consumer sentiment: GMT – 15.00

Coronavirus update:

Worldwide, more than 310 million people have been confirmed infected and more than 5.5 million have died. The United States has confirmed over 61 million cases and has had more than 840,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
The currency pair trading unchanged on Friday but holding the weekly gains. At the time of writing, the pair trades above 1.1470.

eurusd


The important levels to watch for today: Support- 1.1430 and 1.1400 Resistance- 1.1490 and 1.1520.

GOLD: For today, the resistance for Gold is around 1835, any break over targets 1840/48. On the other side, the immediate support near 1822 and any break will drag the metal to 1814/10 levels.

gold neww


The important levels to watch for today: Support- 1822 and 1814 Resistance- 1830 and 1836.

Quote of the day - It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price- Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-433
 
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