DAILY MARKET REPORT - Friday, March 26, 2021

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EURUSD bearish momentum continues for the fourth consecutive day. The currency pair hits a fresh yearly low of 1.1760 on Thursday. The recent sell-off fuelled by rising COVID-19 cases and the extension of restrictive measures across Europe.

EQUITIES

Wall Street ended higher on Thursday supported by the upbeat macro-economic data and positive comments from U.S. President Joe Biden. President Biden’s first formal news conference confirmed the new goal of having 200 million vaccine shots administered in his first 100 days in office.

Darden Restaurants (NYSE: DRI) shares closed 8% higher on Thursday after the company announced a new share buyback plan and forecast upbeat fourth-quarter revenue and profit.

OIL

Oil prices rebounded higher after President Biden boosted the US COVID vaccination goal. During the previous session, the US crude oil prices dropped but refuse to break this week lows.

CURRENCIES

In the currency market, the US dollar index climbed to a fresh session high of 92.90 on Thursday boosted by better-than-expected US GDP and employment claims data. Meanwhile, the British pound recovered from previous session losses following positive comments from BOE Chief Economist Andy Haldane.

GOLD

The precious metal trading lower on Friday. Overall, the momentum remains mixed this week as the dollar index gained strong upside momentum.

Economic Outlook

On the data front, the UK retail sales rebounded 2.1% month-over-month in February of 2021, following an 8.2% plunge in January.

On Thursday, the US released the latest GDP and jobless claims figures. The US gross domestic product in the fourth quarter of 2020 was revised upward to 4.3% from the previous estimate of 4.1%. Meanwhile, US weekly jobless claims fell to 684,000 last week from 781,000 a week earlier.

Coronavirus update:

Worldwide, more than 124.9 million people have been confirmed infected and more than 2.72 million have died. The United States has confirmed over 30 million cases and has had more than 545,200 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair struggling to find the upside momentum. On the downside, the key support area to watch today 1.1740.

eurusd


The important levels to watch for today: Support- 1.1760 and 1.1740 Resistance- 1.1800 and 1.1820.

GOLD: The yellow metal trading weaker below $1730 supported by $1720. Today, gold is again expected to face resistance around $1736 along with support around $1718 and $1708.

gold neww


The important levels to watch for today: Support- 1723 and 1718 Resistance- 1736 and 1744.

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-273
 
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