DAILY MARKET REPORT - Friday, June 26, 2020

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The commerce department reported on Thursday, the US gross domestic product (GDP) decreased at an annual rate of 5 per cent in the first quarter of 2020. This is the sharpest quarterly decline since an 8.4 per cent fall in the fourth quarter of 2008 during the depths of the financial crisis.

EQUITIES

European stock markets extended gains for a second consecutive session on Friday after ECB launched a new facility that will provide euro liquidity to a broad set of central banks outside the euro area until June 2021. Markets in Shanghai and Hong Kong were closed today for a public holiday. On Wall Street, the Dow Jones Industrial Average rose 1.18%, the S&P 500 gained 1.10% and the Nasdaq Composite added 1.09%.

OIL

Crude oil price rebounded from the early lows; the oil prices tumbled as much as 5% a barrel on Wednesday. Meanwhile, Saudi Arabia's oil exports dropped by 65.4 per cent in April when compared to the same month a year earlier, or a fall of about $12 billion, official data showed on Thursday.

CURRENCIES

US dollar trading higher on Friday, the economic data released on the previous session weighed heavily on the US dollar. U.S. weekly jobless claims reported higher than expected 1.48 million, vs. 1.30 million estimates and the Goods Trade Balance from the US for May also showed a deficit of 74.3B against the anticipated deficit by 68.0B

GOLD

The yellow metal climbed above $1765 on Friday and was set for its third straight weekly gain as investors turned to safe-haven assets amid a spike in coronavirus cases in several countries across the globe.

Economic Outlook

On Thursday the US Federal Reserve placed new restrictions on the banking industry after its annual stress test found that several banks could get close to minimum capital levels in scenarios related to the coronavirus pandemic.

On the data front, The Bank of Thailand (BOT) kept its one-day repurchase rate unchanged at 0.50%, after cutting it by 25 basis points in May.

Coronavirus Update:

Over 167,000 confirmed cases of the novel coronavirus infection were registered worldwide on June 25, with the overall number of such cases exceeding 9.29 million, the World Health Organization (WHO) said in its daily bulletin on Thursday. The WHO also warned recently that the number of cases could reach 10 million as soon as next week. In Europe, the UK reported more than 1 thousand new cases, while Germany reported 0.5 thousand.

Technical Outlook

GOLD:
Gold price trading steady during the European session, supported by $1758.

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The important levels to watch for today: Support- $1758 and $1750 Resistance- $1778 and $1800.

EUR/USD: The pair trading around 1.1220 on Friday after hitting fresh week high of 1.1350 on Tuesday.

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The important levels to watch for today: Support- 1.1190 and 1.1150 Resistance- 1.1240 and 1.1280.


Quote of the day: You can’t reach success in investment if you do not think independently- Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-114
 
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