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EUR/USD trading below 1.1600 ahead of the key European Central Bank (ECB) monetary policy decision. The investors waiting for the ECB's stance on rising inflation and any hints on when the bank might start raising historically low-interest rates.
EQUITIES
Wall Street ended lower on Wednesday despite better-than-expected US durable goods orders and robust Q3 earnings results. On the earnings front, Apple, Amazon, Shopify, Merck, and Starbucks are amongst those reporting the last quarter financial results today.
OIL
Crude oil prices slightly recovered from the early session while the overall momentum remains bearish. The oil prices extend losses to a fresh weekly low on Thursday morning session driven by the unexpected rise in inventories in the United States. The recent EIA data showed crude inventories rose by 4.3 million barrels last week.
CURRENCIES
In the currency market, the Japanese yen remains steady against the US dollar and Euro after the Bank of Japan’s monetary policy decision. BOJ maintained its target for short-term interest rates at -0.1% and projected inflation at well below its 2per cent target for at least two more years.
GOLD
The precious metal rebounded back to above $1800. If the upside momentum continues then the next key resistance areas to watch $1815 and $1840.
Economic Outlook
On the data front, the Bank of Canada held its key overnight interest rate at 0.25% and ended the QE program. The Bank no longer believes that the Canadian economy requires extraordinary monetary stimulus associated with QE. However, the central bank signalled that interest rates could rise in the second half of 2022.
Moving ahead today, the important events to watch:
EUROZONE – ECB Interest rate decision and statement: GMT – 11.45
US – GDP: GMT – 12.30
Coronavirus update:
Worldwide, more than 243 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 735,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook
USDJPY: The pair holding the early gains against the dollar. If the downside pressure continues then the next support levels to watch 113.40 and 113.10. On the other side, the immediate resistance is around 113.85 and 114.20.
The important levels to watch for today: Support- 113.40 and 113.10 Resistance- 113.85 and 114.20
GOLD: The gold traders will have a busy day today. If any breakout below $1792 will open $1787 and $1782, on the other side, break above $1809 will print $1815 and $1818.
The important levels to watch for today: Support- 1793 and 1782 Resistance- 1809 and 1815
Quote of the day- Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work - Robert Orben.
Read more- https://gulfbrokers.com/en/daily-market-report-393