DAILY MARKET REPORT - Monday, Aug 10, 2020

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US President Trump signed an executive order extending some stimulus measures after Republicans and Democrats failed to reach an agreement on a new coronavirus relief. The executive orders include providing tax relief and unemployment benefits for Americans hit by the fallout from the COVID-19 pandemic. Meantime, U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin recently said they were open to restarting talks on funding, raising hopes of additional stimulus measures.

EQUITIES

Global stocks started this week on a positive note supported by strong China economic data and positive comments from the US lawmakers, they were open to restarting talks after weeks of failed negotiations.

OIL

Crude oil prices trading slightly lower on Monday amid concerns about the outlook for energy demand following reports showing spikes in coronavirus cases in several parts across the world.

CURRENCIES

The US dollar trading steady on Monday, the currency pair boosted by better – than – expected NFP data released on Friday. The US labor report showed the economy added more jobs than expected in July 2020.

GOLD

Gold price trading unchanged on Monday, on Friday the yellow metal price dropped more than 40$ after better-than-expected U.S. employment data.

Economic Outlook

On the data front, China's consumer price index (CPI) surged 2.7 in July from 2.5% in June, official data showed Monday. Within CPI, food prices rose 13.2% year on year, pork prices rose by 10.3% on month and 85.7% year on year.

Important economic events this week: RBNZ decision, UK employment & GDP report, US retail sales and CPI numbers.

Key earnings to watch this week: Inovio, Novavax, Lyft, Cisco, and NIO.

Coronavirus update:

The number of coronavirus cases globally is nearing 20 million, with almost 730,000 known deaths. The number of confirmed cases of coronavirus in the United States has surpassed 5 million, of which more than 160 thousand died and over 1.5 million recovered. India reported another record daily jump of over 64000 new virus infections Sunday, bringing the total to 2.15 million.

Technical Outlook

XAU/USD:
Gold price trading steady above $1930 on Monday supported by $2015(Friday low), any break below this level next support to watch $2000(psychological level).

euraud


The important levels to watch for today: Support- 2026 and 2010 Resistance- 2055 and 2070.

EUR/USD: The currency pair trading under pressure, at the time of writing the pair hovers near the short-term support zone of 1.1750.

cruse


The important levels to watch for today: Support- 1.1740 and 1.1710 Resistance- 1.1800 and 1.1830.

Quote of the day: In Investing, what is comfortable is rarely profitable – Robert Arnott.

Read more- https://gulfbrokers.com/en/daily-market-report-142
 
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