DAILY MARKET REPORT - Monday, March 22, 2021

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On Monday, during the Asian session, the People's Bank of China (PBoC) left its benchmark interest rates unchanged, as widely expected. The one-year loan prime rate (LPR) was left unchanged at 3.85%, while the five-year remained at 4.65%.

EQUITIES

Global stocks and US futures trading lower on Monday as investors remain concerned about the new wave of COVID-19 infections in Europe, fresh US-China tensions, and strong US Treasury yields.

OIL

Crude Oil prices trading lower on Monday. Meanwhile, on Friday the oil prices slightly rebounded from last week lows after a few European countries announced they will resume distributing the AstraZeneca-Oxford vaccine.

CURRENCIES

In the currency market, the US dollar index trading steady on Monday ahead of Fed Chair Jerome Powell’s speech due later in the day. While the EURO hovers near the previous week low after the German Chancellor Angela Merkel is considering a four-week extension of the nationwide lockdown.

GOLD

The safe-haven metal slightly retreated from the daily highs and If the US dollar continues the upside move, that could push gold back to near $1700 area.

Economic Outlook

This week the main highlights of the economic calendar will be the PMI data from the US, UK, Eurozone, Japan and Australia, US GDP and Durable good orders, UK CPI, employment report and retail sales.

Moving ahead to the North American session, today the Investors will likely keep a look at the US Fed Chair Jerome Powell’s speech and US existing home sales data.

Coronavirus update:

Worldwide, more than 122.4 million people have been confirmed infected and more than 2.7 million have died. The United States has confirmed over 29.7 million cases and has had more than 541,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading below the 1.1900 zones. If the bearish momentum continues the next downside levels to watch 1.1840 and 1.1810.

eurusd


The important levels to watch for today: Support- 1.1860 and 1.1830 Resistance- 1.1910 and 1.1940.

GOLD: The yellow metal dropped to near the short-term support area of $1726. Overall, the momentum remains bearish throughout today.

gold neww


The important levels to watch for today: Support- 1720 and 1710 Resistance- 1740 and 1746.

Quote of the day: One of the many funny things about the stock market is that every time one person buys, another sells, and both think they are astute-William Feather.

Read more- https://gulfbrokers.com/en/daily-market-report-269
 
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