sam.peters
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Need to keep my eyes on this for the week.
Thanks man.
Daily Market Report by GulfBrokers 2020-2021
- Thread starter syamfx2020
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Thanks man.
sam.peters
Corporal
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USDJPY has been a wild ride too, appreciate you sharing these points Syam.
Joshevans--
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I bet the Wall Street fiasco isn't helping the markets. Hedge Funds cashing in!
syamfx2020
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Germany reported fourth-quarter GDP numbers on Friday, the data showed the German economy expanded 0.1% during the last quarter, compared to the expectations of 0%. On the other hand, the number of unemployed people in Germany dropped by 41 thousand in January of 2021. Both EUR/USD and German Dax slightly rebounded from the early session lows after the better-than-expected economic data.
EQUITIES
US futures retreated from the highs. On Thursday, during the North American session, the US indices rebounded after the heavy sell-off but failed to close higher.
On the US earnings front, Honeywell (NYSE: HON), Chevron (NYSE: CVX) and Caterpillar (NYSE: CAT) reporting earnings today before the bell.
OIL
Crude oil price trading near the weekly lows on concerns that COVID-19 vaccine rollouts run into delays which may lead to further weakness in global fuel demand. The European Medicines Agency is expected to decide on whether to actually approve the AstraZeneca vaccine for use on Friday.
CURRENCIES
In the currency market, the Dollar index continuously trading strong on Friday supported by the sharp sell-off on Wall Street and rising coronavirus infections in the US and Europe.
GOLD
The gold price extra volatility remains on Friday. During the previous session, the safe-haven metal climbed to above $1860 after the weak US GDP data.
Economic Outlook
On the data front, the US released mixed economic data on Thursday. US GDP expanded at a 4% annualized rate in the fourth quarter after increased by 33.4% in the third quarter. The New Home Sales in the US for December dropped to 842K, against the expected 860K. While weekly jobless claims data came better-than-expected, the initial jobless claims fell to 847,000 from the previous week's revised level of 914,000.
Moving ahead today, the important events to watch:
Canada: GDP – 13.30 GMT
US: Personal Income – 13.30 GMT
US: Pending home sales– 15.00 GMT
Coronavirus update:
Worldwide coronavirus deaths have reached 2,198,825 with more than 101.9 million reported cases. The United States has confirmed over 25.6 million cases and has had more than 430,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook
EUR/USD: The currency pair rebounded from early session lows boosted by the upbeat German economic data. At the time of writing, the pair trading above 1.2125.
The important levels to watch for today: Support- 1.2100 and 1.2070 Resistance- 1.2140 and 1.2180.
GOLD: The precious metal trading steady above $1850 during the European session. The important levels to watch today $1830 and $1870.
The important levels to watch for today: Support- 1840 and 1830 Resistance- 1865 and 1874.
Quote of the day: Stick to your investment strategy, do not turn temporary declines into permanent losses- Warren Buffet.
Read more- https://gulfbrokers.com/en/daily-market-report-249
syamfx2020
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Novavax (NASDAQ: NVAX) stock climbed more than 35% in pre-market trading on Friday after the company said its vaccine appears 89% effective in preventing COVID19 including against the new UK variant.
Johnson & Johnson (NYSE: JNJ) stock down quickly 4% in pre-market trading after the Pharmaceutical giant said its vaccine is 66% effective overall.
Johnson & Johnson (NYSE: JNJ) stock down quickly 4% in pre-market trading after the Pharmaceutical giant said its vaccine is 66% effective overall.
syamfx2020
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“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” Tim Cook, Apple’s CEO said.
Apple (NASDAQ: AAPL) released fiscal first-quarter earnings on Wednesday after the market close. The iPhone maker revenue increased by 21% year-on-year to a new record of $111.44 billion. Apple now has more than 620 million paid subscribers across its services, up 140 million since the 2019 December quarter.
- Earnings per share (EPS) $ 1.68 vs. $ 1.41 expected
- Revenue $111.44 billion vs. 103 billion expected
iPhone sales climbed 17% year-on-year
iPhone remains Apple’s largest revenue contributor; this crucial business has improved from better performance in last year’s holiday period. During the last quarter, iPhone sales contributed $65.5 billion. In comparison, during the same quarter in 2020 iPhone sales stood at $56 billion. The company confirmed the installed base of iPhones is now over 1 billion, meaning almost one in every six people alive on the planet now uses one.
Apple continues to expand into a wide array of new arenas. The company released its highly anticipated and first-ever over-the-year headphones in mid-December: the $US549 Air Pods Max.
$AAPL Technical chart
The Apple shares are up 7% from the beginning of the year and rallied more than 80% last year. The stock reached a new all-time high of $145 on Monday ahead of the results. The stock closed 3.5% lower on Thursday despite strong financial results due to recent Wall Street sell-off.
In the short term, If the recent selling pressure continues the next strong support levels to watch $126 and $120. On the flip side, if the stock break above the 52-week high of $145 will open the doors to $150.
Read more- https://gulfbrokers.com/en/apple-aapl-reported-record-q1-revenue
JimmyRozza
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Thanks for sharing, I will look to buy the dip. If they bring out this car, it will be insane.
syamfx2020
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The Federal Statistics Office released the disappointing German retail sales data on Monday. The data showed the retail sales in Germany plunged 9.6% December of 2020 due to the stricter restrictions and lockdown measures, compared to a 2.6% drop in November. Meanwhile, German manufacturing PMI reported slightly better-than-expected.
EQUITIES
Global equity markets struggling to find the upside momentum following the last week sell-off. During the previous week, the US indices posted their worst week since October.
OIL
Crude oil price slightly rebounded from previous session lows. Last week oil price ended lower over escalating concerns about weakening demand due to the slow pace of vaccination in the euro area.
CURRENCIES
In the currency market, the Euro dropped to a new session low against the US dollar and the British pound after weaker-than-expected German retail sales data.
GOLD
The gold price trading steady above $1860 during the European session. Overall, the momentum remains bullish throughout today. While Silver price climbed more than 10% on Monday.
Economic Outlook
On the data front, the Caixin manufacturing Purchasing Managers' Index fell to 51.5 in January from 53.0 in December, the lowest level since September 2020.
This week the main highlights of the economic calendar will be the RBA and BOE central bank meeting, US employment and manufacturing data, Eurozone GDP, and employment data.
As per the recent update, the German government has threatened legal action against laboratories failing to deliver coronavirus vaccines to the European Union on schedule. "If it turns out that companies have not respected their obligations, we will have to decide the legal consequences," Economy Minister Peter Altmaier said.
Moving ahead today, the important events to watch:
Eurozone: Unemployment rate – 10.00 GMT
US: ISM manufacturing PMI – 15.00 GMT
Coronavirus update:
Worldwide, the number of COVID-19 cases reported is more than 102.6 million. The United States has confirmed over 26 million cases and has had more than 439,000 deaths from COVID-19, the highest totals in the world. The US has ordered travellers to wear masks on most public transport.
Technical Outlook
EUR/USD: The currency pair slightly recovered from the early session losses supported by better-than-expected PMI numbers from Eurozone and Germany.
The important levels to watch for today: Support- 1.2070 and 1.2030 Resistance- 1.2140 and 1.2180.
GOLD: The precious metal currently trading at $1864. On the upper side, the immediate resistance to watch $1872/1876.
The important levels to watch for today: Support- 1856 and 1848 Resistance- 1874 and 1890.
Quote of the day: One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It’s your window into a very large world- Ron Chernow.
Read more- https://gulfbrokers.com/en/daily-market-report-250
syamfx2020
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View attachment austin-distel-DfjJMVhwH_8-unsplash.jpg
Global markets started this new week on a mixed note. US futures slightly rebounded from previous session lows while Euro slipped to fresh weekly lows. For this week, the main drivers for the Financial markets remain the US stimulus negotiations, central bank meetings, the resurgence of coronavirus cases, and the movement of the US dollar.
On Monday, during the European session, the precious metal surged to a fresh session high of $1871 but failed to break above the previous week high $1875 and retreated back to the $1860 areas. This week if the metal break above the $1875 will open the doors to $1890 and $1900. On the flip side, if the price break below the $1848 level the next support to watch $1830 and $1800.
The currency pair continuously trading weaker against the dollar on Monday after the disappointing German retail sales data. This week if the price breaks below 1.2050( Jan 2021 low) which would open doors towards 1.2000 and below that 1.1970/10 is next. On the upper side, the first immediate resistance can be found in 1.2140 and then 1.2180/1.2210.
The greenback trading higher on Monday. The Index currently faces an important resistance level at 91. Technically the overall momentum remained bullish for the USD throughout the last week. This week if the bullish momentum continues the next upside levels to watch 90.94(previous week high) and 91.20/40. On the downside, any meaningful pullback now seems to find some support near the 90.20 zones, below which the slide could further get extended towards the 89.90/89.60 region.
Read more- https://gulfbrokers.com/en/weekly-technical-analysis-gold-eurusd-and-dollar-index
Global markets started this new week on a mixed note. US futures slightly rebounded from previous session lows while Euro slipped to fresh weekly lows. For this week, the main drivers for the Financial markets remain the US stimulus negotiations, central bank meetings, the resurgence of coronavirus cases, and the movement of the US dollar.
GOLD
On Monday, during the European session, the precious metal surged to a fresh session high of $1871 but failed to break above the previous week high $1875 and retreated back to the $1860 areas. This week if the metal break above the $1875 will open the doors to $1890 and $1900. On the flip side, if the price break below the $1848 level the next support to watch $1830 and $1800.
EURUSD
The currency pair continuously trading weaker against the dollar on Monday after the disappointing German retail sales data. This week if the price breaks below 1.2050( Jan 2021 low) which would open doors towards 1.2000 and below that 1.1970/10 is next. On the upper side, the first immediate resistance can be found in 1.2140 and then 1.2180/1.2210.
USD: Dollar Index
The greenback trading higher on Monday. The Index currently faces an important resistance level at 91. Technically the overall momentum remained bullish for the USD throughout the last week. This week if the bullish momentum continues the next upside levels to watch 90.94(previous week high) and 91.20/40. On the downside, any meaningful pullback now seems to find some support near the 90.20 zones, below which the slide could further get extended towards the 89.90/89.60 region.
Read more- https://gulfbrokers.com/en/weekly-technical-analysis-gold-eurusd-and-dollar-index
syamfx2020
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At its meeting today, the Reserve Bank of Australia (RBA) decided to keep the official cash rate unchanged at 0.10% and has expanded its quantitative easing program by purchasing an additional $100 billion of bonds. "The board will not increase the cash rate until actual inflation is sustainably within the 2 to 3% target range,” RBA said.
"The current monetary policy settings are continuing to help the economy by lowering financing costs for borrowers, contributing to a lower exchange rate than otherwise, supporting the supply of credit needed for the recovery and supporting household and business balance sheets." RBA governor Philip Lowe said.
EQUITIES
US futures and European stocks extend higher on Tuesday following the positive comments from US president Joe Biden. Biden attended a two-hour meeting with Republican senators on Monday. The president said he does not want a smaller stimulus package.
On the US earnings front, Pfizer (NYSE: PFE) and Exxon Mobil (NYSE: XOM) reporting earnings today before the bell while Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL) and Electronic Arts (NASDAQ: EA) is scheduled to report results after the market close.
OIL
Crude oil price climbed to fresh month high on Tuesday after OPEC+ appeared to hold firm to promised output cuts. On the other hand, Russia reportedly plans to cut its crude exports by almost 20% to a three-month low in February.
CURRENCIES
In the currency market, the Australian dollar trading extra volatile after the first RBA board meeting of the year. Meanwhile, the New Zealand dollar and Canadian dollar trading steady supported by the strong crude oil prices.
GOLD
The gold price trading under pressure on Tuesday after the US dollar hits 6-week high. Overall, the momentum remains bearish throughout the European session.
Economic Outlook
On the data front, the annual house price growth in the UK slowed modestly to 6.4% in January, following the 7.1% jump in December.
On Monday, the Institute for Supply Management released the latest ISM PMI data. The PMI came in at 58.7, which was 1.8% below December’s 60.5.
Coronavirus update:
Worldwide, the number of COVID-19 cases reported is more than 103.2 million and more than 2.2 million have died. The United States has confirmed over 26.2 million cases and has had more than 441,000 deaths from COVID-19, the highest totals in the world. On the positive side, "It shows this virus can be controlled, even with the new variants in circulation." WHO Chief Tedros Adhanom Ghebreyesus said on Monday.
Technical Outlook
EUR/USD: The currency pair continuously trading weaker against the dollar. At the time of writing, the pair slightly rebounded from the early session lows.
The important levels to watch for today: Support- 1.2030 and 1.2000 Resistance- 1.2100 and 1.2130.
GOLD: The precious metal retreated back to below $1850 after the metal failed break above $1875 during the previous session.
The important levels to watch for today: Support- 1840 and 1836 Resistance- 1856 and 1862.
Quote of the day: Investing isn’t about beating others at their game. It’s about controlling yourself at your own game – Benjamin Graham.
Read more- https://gulfbrokers.com/en/daily-market-report-251
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