DAILY MARKET REPORT - Friday, Nov 06, 2020

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On Thursday, the US Federal Reserve kept interest rates near zero and made no change to asset purchases in its policy meeting. “The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world,” FED statement said.

Fed Chair Powell said the central bank ready to do whatever needed to support the US economy by altering its bond-buying programme but did not announce any new measures.

EQUITIES

Global stocks trading mixed on Friday as investors await the results of the United States presidential election. With the ballots still being counted, Democratic candidate Joe Biden is six electoral votes away from reaching the 270 needed to reach the White House. Meanwhile, President Trump blasted the mail-in voting process accusing the Democrats of attempting to steal the election through the flawed system.

OIL

Crude oil prices slightly retreated from the highs as the investors are still worried about the fresh lockdowns across Europe will weaken global fuel demand.

CURRENCIES

In the currency market, the EURO and New Zealand dollar surged to a fresh session high boosted by the weaker dollar. On the other hand, the British pound trading slightly lower against the EURO.

GOLD

The gold price climbed fresh monthly high on Thursday supported by the weaker-than-expected US weekly jobless claims data and the positive lead of Democrat Joe Biden in the US presidential election.

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 surged to 751K against the anticipated 740K.

On the earnings front, Qualcomm (NASDAQ: QCOM) stock spiked more than 15% on Thursday after the company Q4 2020 results beat estimates. “Our fiscal fourth-quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” CEO Steven Mollenkopf said.

Moving ahead to the North American session, the traders and investors are focused on the latest US non-farm payrolls report. The October non-farm payrolls are expected to show a growth of 600K new jobs after growing by 661K in the previous month.

Coronavirus update:

The overall number of global coronavirus cases has topped the 48.5 million mark, while the death toll surged to more than 1,231,610 as of Friday morning, according to the Johns Hopkins University.

Technical Outlook

Dollar Index:
The Index remained under pressure throughout this week. At the time of writing, the index trading near to the crucial support level of 92.40.

euraud


The important levels to watch for today: Support- 92.40 and 92 Resistance- 92.90 and 93.30.



GOLD: The yellow metal rose more than 2% on Thursday. Overall, the momentum remained bullish throughout this week.

gold neww


The important levels to watch for today: Support- 1932 and 1920 Resistance- 1952 and 1973.

Quote of the day: The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money in trading – Victor Sperandeo.

Read more- https://gulfbrokers.com/en/daily-market-report-203
 
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