DAILY MARKET REPORT - Monday, May 03, 2021

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The EUR/USD starts the new week on a positive note boosted by the upbeat German retail sales data. The Retail sales increased by a real 7.7% on a monthly basis in March, higher than the 3% forecast by economists. On a yearly basis, the retail sales climbed by a record 11% in March.

EQUITIES

US stock futures and European shares recovered from Friday’s losses. Meanwhile, the overall momentum remains mixed as the Markets in the UK, Japan and China closed for a holiday.

OIL

Crude oil prices retreat back to near the daily lows as the investors remain concerns over rising Covid-19 infections in India, Japan, and other Asian countries.

CURRENCIES

In the currency market, the Australian dollar rebounded from the early session lows ahead of the RBA interest decision and policy statement which is scheduled on Tuesday Asian session. At the time of writing, the AUD/USD trades above 0.7734.

GOLD

The Safe-haven metal trading unchanged on Monday due to holiday-thinned markets. This week the Gold investors and traders should closely watch the movement of the US dollar Index since it rebounded from the demand area of 90.50.

Economic Outlook

On the data front, Germany, French, and Eurozone manufacturing PMI figures came lower-than-expected.

This week the main highlights of the economic calendar will be the Bank of England and Reserve Bank of Australia meeting, US Non-farm payrolls and US crude inventory data.

Moving ahead today, the important events to watch:

US – Manufacturing PMI: GMT – 13.45

US –ISM manufacturing PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 152 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.3 million cases and has had more than 576,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

DOLLAR INDEX:
The Index slightly retreats from the previous week high. The crucial levels to watch this week 91.50 and 90.40

DXY


The important levels to watch for today: Support- 91.00 and 90.80 Resistance- 91.30 and 91.50.



GOLD: The yellow metal trading above $1780 area during the European session, if the bullish momentum continues the next upside levels to watch the $1784 and $1790 zone. On the flip side, the immediate support at $1774/68.

gold neww


The important levels to watch for today: Support- 1774 and 1768 Resistance- 1784 and 1790.

Quote of the day: “The majority of short-term trading results are just random. In the long term, the money ends up with those that can trade and manage risk.”

Read more- https://gulfbrokers.com/en/daily-market-report-298
 
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