"A crisis of deep human suffering is in plain sight, and there's no time to waste," The US president-elect Joe Biden said.
US President-elect Joe Biden unveiled his $1.9 trillion stimulus plan Thursday night. He also budgets $50 billion for Covid testing and $20 billion to speed coronavirus vaccine rollouts.
US indices retreated from the highs after hitting fresh records on Thursday as US President-elect Biden $1.9 trillion stimulus plan which did not exactly surprised markets. The global markets were expecting that the stimulus package could be as big as $2 trillion. Moving to North American session, the investors awaited the big bank's earnings, JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) will release its fourth-quarter results on Friday before the bell.
Crude oil prices slipped after the WHO said that the second year of the COVID-19 pandemic may be tougher than the first as the new virus is spreading.
In the currency market, the British Pound trading lower against the Dollar and Euro after mixed economic data and negative comments from UK finance minister Rishi Sunak.
The yellow metal traded higher on Thursday North American session following the comments from the Fed Chair Jerome Powell but closed slightly lower after the metal failed to break above $1856 resistance.
On the data front, UK GDP fell 2.6% November while the figure was better than the expected decline of 5.7%. “Its clear things will get harder before they get better and today’s figures highlight the scale of the challenge we face,” UK finance minister Rishi Sunak said.
On Thursday, the Federal Reserve Chair Jerome Powell said the interest rates in the US would not rise anytime soon and the economy could return to pre-pandemic levels sooner than expected due to unprecedented fiscal stimulus and the Fed's aggressive intervention.
Moving ahead today, the important events to watch:
Eurozone – Trade Balance: GMT – 10.00
US – Retail sales: GMT – 13.30
US – Industrial Production: GMT – 14.15
Worldwide, the number of COVID-19 cases reported is more than 92.6 million. The United States has reported 23.1 million confirmed cases and has had more than 386,000 deaths from COVID-19, the highest totals in the world. The UK's Department of Health and Social Care confirmed 48,682 new positive tests for COVID-19 on Thursday, taking the country's case total past 3.26 million.
Dollar Index: The US Dollar Index trading steady above 90.30 on Friday after once again the Index found support nearby 90 psychological areas.
The important levels to watch for today: Support- 90 and 89.60 Resistance- 90.45 and 90.80.
GOLD: The precious metal trading in a range between $1830 and 1862 from last two days after hitting the fresh monthly low of $1817 on Monday.
The important levels to watch for today: Support- 1846 and 1836 Resistance- 1856 and 1865.
Quote of the day: A successful trader studies human nature and does the opposite of what the general public does – William Delbert Gann.
Read more- https://gulfbrokers.com/en/daily-market-report-239