DAILY MARKET REPORT - Monday, Aug 24, 2020

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US stock futures and European stocks trading higher on Monday after The Food and Drug Administration on Sunday issued an emergency use authorization for convalescent plasma to treat COVID-19. The method was determined to be safe based on an analysis of 20,000 patients who received the treatment, according to the agency.

"This is a powerful therapy that transfuses very, very strong antibodies form the blood of recovered patients to help treat patients battling a current infection," US President Trump said.

EQUITIES

Global shares started the week with good vibes boosted by the hopes of a coronavirus treatment and reports suggest that the US President Donald Trump has considered fast-tracking a Covid-19 vaccine ahead of November’s election.

OIL

Crude Oil prices surged on Monday after tropical storms Marco and Laura hit the Gulf of Mexico on Sunday, shutting 58% of the offshore oil production and 45% of natural gas production.

CURRENCIES

In The currency market, the EUR/USD recovered from the previous session lows and trading steadily above 1.18 on Monday. The main attractions for Euro this week, On Tuesday Germany, will publish GDP for Q2 2020 and data on business sentiment from IFO for August.

GOLD

Gold price trading higher on Monday ahead of the annual Jackson Hole symposium this week. The 2020 Economic Policy Symposium will be conducted online from August 27th to August 28th.

Economic Outlook


On the US-China front, Reuters reported that TikTok had planned to file a lawsuit Monday against US President Donald Trump's executive order prohibiting transactions with the app and its Chinese parent ByteDance. Meanwhile, White House is looking to reassure US firms they can still do business with the company’s WeChat messaging app in China, despite a crackdown on the service at home.

On the data front, New Zealand retail sales fell by 14.6% in real terms in Q2, compared to a 1.2% decline in Q1. Retail Sales excluding Autos for the same period fell by 13.7% after a slight increase of 0.1% in the last quarter.

Coronavirus update:

COVID-19 deaths worldwide passed 800 thousand and cases rose to more than 23 million, according to data from Johns Hopkins University. In the US, Coronavirus-related deaths fell below 1,000 for the first time in five days, while fatalities in Mexico surpassed 60,000. While France reported its highest daily level of coronavirus cases since the end of a two-month lockdown period in May. The French health ministry on Sunday reported 4,897 new COVID-19 cases over the past 24 hours. South Korea reports 397 new infections, up from the previous day's 332, marking its highest daily rise since early March.

Technical Outlook

XAU/USD:
The gold price trading now above $1940, overall, the momentum remained bullish throughout the European session.

audusd


The important levels to watch for today: Support- 1920 and 1900 Resistance- 1965 and 1983.

EUR/USD: The currency pair trading steady on Monday supported by the weaker dollar. On Friday, the pair dropped to 1.1755 after US dollar appreciated 0.2% last week.

cruse


The important levels to watch for today: Support- 1.1800 and 1.1760 Resistance- 1.1860 and 1.1890.

Quote of the day: A successful trader is rational, analytical, able to control emotions, practical, and profit-oriented – Monroe Trout.

Read more - https://gulfbrokers.com/en/daily-market-report-152
 
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