DAILY MARKET REPORT - Friday, Oct 02, 2020

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The US nonfarm payrolls report is one of the most important data scheduled for release later today, the NFP report due at 12:30 GMT today. NFP measures employment levels in the United States that does not include farm workers, private household employees, or non-profits. The market is expecting 850K new jobs, down on the previous month's 1,371K which takes the unemployment rate to an expected 8.2%. On Wednesday, the ADP employment increased by 749k jobs in September, according to the ADP National Employment Report.

EQUITIES

US futures and global stocks fell on Friday after US President Donald Trump and first lady Melania Trump both tested positive for Covid-19. "We will get through this TOGETHER!" Trump tweeted. Asian shares also trading lower on Friday due to thin holiday trading, with markets in South Korea, Shanghai and Hong Kong closed.

OIL

Crude oil prices dropped to fresh weekly low on Friday, weighed down by concerns about the outlook for energy demand.

CURRENCIES

In the currency market, the British pound continues its volatile trading as Brexit negotiations continue. At the time of writing, the currency pair rebounded from the early session losses and trades above 1.2930. Meanwhile, as per the recent update, UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen on Saturday.

GOLD

Gold price trading strong ahead of US jobs report. The recent bullish move supported by the weaker dollar and the number of coronavirus infections continues to rise worldwide.

Economic Outlook

On the data front, the US the ISM Manufacturing PMI in September fell from 56 to 55.4 points against the forecast of growth to 56.3 points. While Personal Income from the United States declined to -2.7%, against the expected -2.0%.

US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued their talks on a new coronavirus relief bill on Thursday. Nancy Pelosi told reporters she did not expect an imminent agreement with the Trump administration. It remains unclear if policymakers can get something done before the Nov. 3 election.

Moving ahead today, the important events to watch:

US – Non-farm payrolls: GMT – 12.30

US – unemployment rate: GMT – 12.30

Coronavirus update:

Globally, the coronavirus has infected more than 3.42 crore people and killed 10,21,709, according to Johns Hopkins University. More than 2.35 crore people have recovered worldwide so far.

Technical Outlook

EUR/USD:
The currency pair trading steady above 1.1700 ahead of NFP data, during the Asian session the pair hit a fresh daily low of 1.1695.

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The important levels to watch for today: Support- 1.1690 and 1.1660 Resistance- 1.1740 and 1.1780.

GOLD: The yellow metal slightly retreated from the daily tops. At the time of writing, the gold price trades below $1910.

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The important levels to watch for today: Support- 1900 and 1890 Resistance- 1917 and 1926.

Quote of the day: Your trading needs to boil down to rules, money management, and that is it – Michael Covel.


Read more- https://gulfbrokers.com/en/daily-market-report-178
 
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