DAILY MARKET REPORT - Friday, Nov 20, 2020

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UK and Australia posted a strong retail sales report on Friday. ONS report showed the UK retail sales rose 1.2% on the month in October, down from 1.5% growth in September while online sales jumped by 52.8% and store sales were down by 3.3%. On the other hand, the retail sales in Australia increased by 1.6% in October, the Australian Bureau of Statistics has reported.

EQUITIES

Asian shares edged lower Friday in mostly muted trading following a retreat overnight on Wall Street. While the US stock futures slightly rebounded after a report that Republican leaders of the Senate were ready to restart negotiations on the coronavirus relief package.

OIL

Crude oil prices trading unchanged on Friday as investors remained cautious about Increasing numbers of coronavirus cases in Europe, the US, and Japan, continue to fuel worries about global economic recovery.

CURRENCIES

In the currency market, the British pound trading steady after better-than-expected retail sales figures while Euro slightly retreated from the fresh daily highs.

GOLD

Gold price rebounded back to above $1865 supported by the weaker dollar. The yellow metal remained under pressure for the whole week after the Pfizer and Moderna reported that their COVID vaccines had a success rate of about 95%.

Economic Outlook

On the data front, the US jobless claims increased 31,000 to 742,000 in the week ended November 14, more than economists' expectations of 707,000 claims.

On the stimulus front, US treasury secretary Steven Mnuchin said Thursday he will not extend several emergency loan programs set up with the Federal Reserve to support the economy in the midst of the coronavirus pandemic. Mnuchin said that he is requesting that the Fed return to Treasury the unused funds appropriated by Congress for the operation of the programs and this would allow Congress to re-appropriate $455 billion to other coronavirus programs.

Coronavirus update:

The United States has the most corona cases in the world, with more than 11.54 million, and the most deaths, at more than 250,700. India’s coronavirus cases passed nine million on Friday and the country has now registered more than 132,000 deaths, according to the latest official figures. In Japan more than 2,300 cases across the country on Thursday -- a new daily record. Meanwhile, Turkey will sign a contract within days to buy some 20 million doses of COVID-19 vaccine from China's Sinovac Biotech, Health Minister Fahrettin Koca told parliament.

Technical Outlook

EUR/USD:
The currency pair trading lower after it failed to break above the psychological level 1.1900. At the time writing, the pair trading below 1.1860.

eurusd


The important levels to watch for today: Support- 1.1830 and 1.1800 Resistance- 1.1890 and 1.1930.

GOLD: The gold price struggling to find the upside momentum. During the previous session, the metal dropped to near the weekly low of $1850.

gold neww


The important levels to watch for today: Support- 1860 and 1848 Resistance- 1872 and 1885.

Quote of the day: There are a million ways to make money in the markets. The irony is that they are all very difficult to find- Jack D. Schwager.

Read more- https://gulfbrokers.com/en/daily-market-report-213
 
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