DAILY MARKET REPORT - Friday, May 07, 2021

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The US nonfarm payrolls report is the highlight of today’s economic calendar. US Bureau of Labor Statistics will release the NFP at 12:30 GMT. The consensus is for an increase of 978k non-farm payroll jobs and a decline in the unemployment rate to 5.8% from 6%.

EQUITIES

Wall Street ended higher on Thursday supported by upbeat Q1 earnings results and strong US weekly jobless claims numbers. The US jobless claims dropped to the lowest level since March 2020.

On the earnings front, Nikola (NASDAQ: NKLA) and DraftKings (NASDAQ: DKNG) reporting earnings today before the bell.

OIL

Crude oil prices retreated from the weekly highs as the investors are still worried about the rising coronavirus cases in India and Japan will weaken global fuel demand. India reported another record daily rise in coronavirus cases, 414,188, on Friday.

CURRENCIES

In the currency market, the USD/CAD plunged below the 2018 low on Thursday. While considering the recent sell-off of the currency pair trading near the demand zones the further direction will depend on both US and Canada employment figures which will release later today.

GOLD

The Safe-haven metal hit a fresh monthly high of $1821 on Friday supported by the weaker US dollar and overall, the movement of gold remained bullish from Wednesday.

Economic Outlook

On the data front, the US labour department released the latest jobless claims data on Thursday. The data showed the Unemployment Claims for last week came below 500k against the anticipated 540K.

Moving ahead today, the important events to watch:

US – Nonfarm payrolls: GMT – 12.30

CANADA – Employment report: GMT – 12.30

Coronavirus update:

Worldwide, more than 155 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.5 million cases and has had more than 578,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

DOLLAR INDEX:
US dollar continuously trading weaker for the second consecutive day ahead of NFP report. Now the future direction of USD will depend on NFP figures which will release later today.

DXY


The important levels to watch for today: Support- 90.70 and 90.40 Resistance- 91.00 and 91.30.

GOLD: The precious metal trading extra volatile ahead of US job data. At the time of writing, the metal hovers near the $1820 area.

gold neww


The important levels to watch for today: Support- 1812 and 1800 Resistance- 1826 and 1835.

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-302
 
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