DAILY MARKET REPORT - Monday, Feb 08, 2021

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The U.S. has been administering vaccine shots at a faster daily rate than any country in the world. The mass vaccination helps the new coronavirus case counts are steadily dropping across the United States. On Friday, the WHO said that the number of people in the world who have been vaccinated against the coronavirus so far has surpassed the number of people being infected by the virus.

EQUITIES

Global stocks started the week on a positive note supported by prospects of President Joe Biden’s US$1.9 trillion COVID-19 relief package after Speaker Nancy Pelosi predicted the final relief legislation could pass Congress before March 15.

OIL

Crude oil price trading higher on Monday on hopes for a recovery in the fuel demand after mass coronavirus vaccination rollout in the US and Europe.

CURRENCIES

In the currency market, the British pound trading lower on Monday against the US dollar and Euro after strong gains late last week. On the other hand, US dollar trading steady after the Index closed slightly lower on Friday following the mixed US job data.

GOLD

The safe-haven metal remains under pressure after the US dollar made its strongest weekly gain since October supported by the strong US macro-economic data.

Economic Outlook

On the data front, on Friday, the US Bureau of Labor publishes released the NFP report. The data showed the non-farm payrolls increased by 49,000 jobs last month and the unemployment rate dropped to 6.3% from 6.7%. Meanwhile, the labor participation dipped to 61.4%.

This week the main highlights of the economic calendar will be the inflation data from the US, Eurozone and China, UK GDP, and manufacturing production.

Coronavirus update:


Worldwide, more than 105.9 million people have been confirmed infected and more than 2.3 million have died. The United States has confirmed over 26.8 million cases and has had more than 461,000 deaths from COVID-19.

Technical Outlook

EUR/USD:
The currency pair retreated from the daily highs following the weaker-than-expected German economic data.

eurusd


The important levels to watch for today: Support- 1.2000 and 1.1970 Resistance- 1.2050 and 1.2090.

GOLD: The precious metal trading unchanged on Monday. The important levels to watch today $1800 and $1820.

gold neww


The important levels to watch for today: Support- 1806 and 1800 Resistance- 1818 and 1824.

Quote of the day: Building wealth is a marathon, not a spirit. Discipline is the Key Ingredient.

Read more- https://gulfbrokers.com/en/daily-market-report-255
 
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