Crude oil prices slightly rebounded from the early session lows. During the Asian session, the oil prices fell after the re-floating of the Ever-Green vessel that was stuck along the Suez Canal. The container ship Ever Given has been partially floated and straightened in the Canal.
European shares and US stock futures opened this week on a positive note while Asian shares ended mixed on concerns about the amid worsening U.S.-China relations. On Friday, Wall Street ended higher boosted by strong macro-economic data and faster coronavirus vaccine rollout in the US.
This week, the oil traders and investors will closely monitor the US oil inventory data and the OPEC+ meeting scheduled for Thursday. At their last meeting, OPEC+ had decided to continue with higher supply restrictions into April.
In the currency market, the British pound trading strong against the Euro and the US dollar. During the European session, the EURGBP hits a fresh session low of 0.8510, the lowest level since 28 February 2020.
The precious metal trading lower on Monday as the US Dollar climbed to a 4-month high. Overall, the momentum remains bearish throughout today.
This week the main highlights of the economic calendar will be the release of the US NFP report, UK GDP and Germany retail sales and employment report.
China-US relations were back on the radar after Biden’s trade negotiator said the United States was not yet ready to lift Donald Trump’s tariffs on Chinese imports but could be open to talks with Beijing. Meanwhile, the US secretary of State Antony Blinken said that there were increasingly adversarial aspects to the relationship of the United States with China.
Worldwide, more than 127 million people have been confirmed infected and more than 2.7 million have died. The United States has confirmed over 30 million cases and has had more than 548,000 deaths from COVID-19, the highest totals in the world.
EURUSD: The currency pair trading near the previous week low. On the downside, 1.1740 and 1.1710 will be the crucial levels to watch this week.
The important levels to watch for today: Support- 1.1760 and 1.1740 Resistance- 1.1800 and 1.1830.
GOLD: The yellow metal trading weaker below $1730 supported by $1720. Today, gold is again expected to face resistance around $1734 along with support around $1718 and $1708.
The important levels to watch for today: Support- 1720 and 1706 Resistance- 1738 and 1744.
Quote of the day: The stock market is the story of cycles and of the human behaviour that is responsible for overreactions in both directions – Seth Klarman.
Read more- https://gulfbrokers.com/en/daily-market-report-274