DAILY MARKET REPORT - Friday, Sep 25, 2020

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US New Home Sales for August revealed an advance to 1,011K, against the predicted 890K, according to a report from the National Association of Realtors. Sales of new homes increased by 4.8%, the rate was the highest since 2006. On the other hand, the existing home sales increased 2.4% to a seasonally adjusted annual rate of 6 million units last month.

EQUITIES

On Thursday, Wall Street ended higher on renewed stimulus hopes. As per the recent update, the Democrats in the House of Representatives are working on a $2.2 trillion stimulus package. The bill is expected to be voted next week. The Dow Jones Industrial Average rose over 52 points or 0.2%, while the S&P 500 gained 0.30% and the Nasdaq Composite edged up 0.37%.

OIL

Crude oil prices trading steady on Friday boosted by better-than-expected weekly API and EIA inventory data.

CURRENCIES

In the currency market, the British pound climbed to above 1.28 on Friday. The currency pair gained after the UK finance minister Rishi Sunak unveiled a new job protection scheme after the current one expires in October.

GOLD

The Gold price slightly rebounded from the previous session losses supported by a weaker dollar and rising numbers of coronavirus cases.

Economic Outlook

On Thursday, the US Labor Department released the latest jobless claims data. The Unemployment Claims figures for last week showed a rise to 870K, against the expected 845K.

Coronavirus update:

The number of people infected with the coronavirus across the world surpassed 32.2 million, of which at least 983 thousand people have died and 22.2 million have recovered, according to data released by the Johns Hopkins University. Russian health officials reported 6,595 new coronavirus cases on Thursday, the highest daily surge since July. China reported eight new coronavirus cases, compared with seven cases disclosed a day earlier, the national health authority said.

Technical Outlook

EUR/USD:
The currency pair trading near 1.1650 on Friday after it touched a low of 1.1626 on Thursday, its lowest since July 24.

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The important levels to watch for today: Support- 1.1620 and 1.1590 Resistance- 1.1680 and 1.1720.

GOLD: The yellow metal hovers near the $1870 zone during the European session supported by $1861 and $1848.

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The important levels to watch for today: Support- 1860 and 1848 Resistance- 1876 and 1882.

Quote of the day: If you don’t build your dream, someone else will hire you to help them build theirs – Dhirubhai Ambani.


Read more- https://gulfbrokers.com/en/daily-market-report-174
 
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