The National Statistical Office (ONS) released the April month UK retail sales figures. The retail sales increased by 9.2% in April from 5.1% in March and on an annualised basis, the sales rose by 42.4%. The stronger-than-expected results boosted by the easing of coronavirus restrictions, including permission to open unnecessary grocery stores.
Wall Street rebounded and closed higher on Thursday following the strong US jobless claims numbers while several Asian markets traded lower on Friday due to the progress of the coronavirus in Asia including Singapore and Thailand.
Crude Oil prices extend lower on Friday driven by the unexpected crude inventory build, concerns over the coronavirus situation in India and signs of progress in the US-Iran nuclear talks continue to affect sentiment.
In the currency market, the EURO retreat from the early gains after mixed PMI data from Germany. While the British pound trading steady against the US dollar and Euro supported strong retail sales data.
The Safe haven metal trading unchanged on Friday. During the previous session, the metal closed slightly higher but failed to break above the weekly high of $1889.
On the data front, France reported better-than-expected Manufacturing and services PMI numbers while German manufacturing PMI posted weaker-than-expected.
On Thursday, the US labor department reported the latest weekly jobless claims data. The data showed the jobless claims dropped by 34 thousand to 444 thousand in the week ending May 15th.
Moving ahead today, the important events to watch:
US – Manufacturing PMI: GMT – 13.45
US – Existing home sales: GMT – 14.00
Worldwide, more than 164 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33 million cases and has had more than 587,000 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair trading extra volatile ahead of ECB President Christine Lagarde press conference. The key levels to watch today 1.2150 and 1.2245.
The important levels to watch for today: Support-1.2200 and 1.2170 Resistance- 1.2240 and 1.2280.
GOLD: Currently the gold price supported at $1860 levels, any break below this level will open the doors to $1852 and $1844. On the other upper side, the immediate resistance at $1882 and $1890.
The important levels to watch for today: Support- 1870 and 1862 Resistance- 1878 and 1884.
Quote of the day: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price- Warren Buffet.
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