Daily Market Report - Friday, Nov 5, 2021

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The dollar index, which measures the greenback against six other major currencies trades steady ahead of the US employment report, which is set to be released at 12:30 GMT. The market participants are anticipating a gain of 450k jobs in October, the unemployment rate is expected to tick down to 4.7%. On Wednesday, the ADP employment data showed the private sector added 571.000 jobs in May, compared to 400,000 expectations.

EQUITIES

Wall Street ended mostly higher on Thursday. The Nasdaq and the S&P 500 reached the fresh record high while the Dow Jones index closed slightly lower after a sharp drop in the price of oil dragged down energy companies.

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

OIL

Crude oil prices extend losses and the losses accelerated after a report that Saudi Arabia's oil output will soon surpass 10 million barrels per day. Meanwhile, the Biden administration signalled the US will consider a full range of tools to stabilize oil prices.

CURRENCIES

In the currency market, the British pound fell to a fresh monthly of 1.3472 on Thursday following the BOE decided to leave interest rates and quantitative easing policies unchanged, its biggest single-day drop since end-September. On the other hand, the Euro remained under pressure after the ECB President Christine Lagarde said this week that the ECB was very unlikely to raise rates next year.

GOLD

The Safe-haven metal trades near the weekly highs ahead of the US jobs report. Overall, the momentum remained bullish throughout the Asian session.

Economic Outlook

On the data front, German industrial production dropped to 1.1% in September, compared to the market expectation of a 1% rise. On Thursday, the US released the latest weekly jobless claims numbers. The data showed the Jobless claims dropped by 14,000 to 269,000 last week.

Moving ahead today, the important events to watch:

Eurozone – Retail Sales: GMT – 10.00

US – Nonfarm payrolls: GMT – 12.30

Coronavirus update:

Worldwide, more than 247 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 46 million cases and has had more than 743,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair slightly recovered from the previous session losses. Any break below the previous session low 1.1528 will open the doors to 1.1510 and 1.1490. On the upper side, the immediate resistance is at 1.1620.

eurusd


The important levels to watch for today: Support- 1.1525 and 1.1490 Resistance- 1.1600 and 1.1640.

GOLD: For today, as long as the metal trades above $1795 levels, the medium-term uptrend will remain in place. On the downside, $1787 is the immediate support level, followed by $1780. Further selling pressure will intensify only if the metal break below $1770 levels again.

gold neww


The important levels to watch for today: Support- 1782 and 1770 Resistance- 1810 and 1815.



Quote of the day- The consistency you seek is in your mind, not in the markets - mark Douglas.

Read more- https://gulfbrokers.com/en/daily-market-report-398
 
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