DAILY MARKET REPORT - Monday, May 10, 2021

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The US dollar underperformed all the major currencies last week and plunged to a fresh monthly low following the disappointing US employment report. The jobs report showed that the U.S. economy added only 266,000 jobs compared to the expectations of more than 970,000 and the unemployment rate rose from 6.0% in March to 6.1% in April.

EQUITIES

Wall Street ended higher on Friday despite a weaker-than-expected US employment report. Both the Dow Jones Industrial Average and S&P 500 hit a new record high on Friday.

OIL

Crude oil prices started the week on a positive note boosted by the better-than-expected US oil inventory data and easing of lockdowns in the US and parts of Europe.

CURRENCIES

In the currency market, the EUR/USD hovers near the previous week high. While the British pound trading strong against the Euro supported by the strong Halifax house price data and the results of last week’s UK elections.

GOLD

The Safe haven metal trading steady above $1830 on Monday. The key data for the Gold for this week will once again be the US inflation figures and the king dollar movement.

Economic Outlook

On the data front, Australia released the March retail sales figures. The data showed the retail sales increased by 1.3% during March, slightly lower than the 1.4% increase seen in the previous month.

This week the main highlights of the economic calendar will be the latest Inflation numbers from China, the US and Germany, UK GDP, and US retail sales data.

Coronavirus update:

Worldwide, more than 158 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.7 million cases and has had more than 580,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

DOLLAR INDEX:
The US dollar extends lower on Monday while considering the recent sell-off of the Index trading near to the short-term demand zone 90.

DXY


The important levels to watch for today: Support- 90 and 89.70 Resistance- 90.30 and 90.60.

GOLD: The yellow metal reversed from the previous week highs. Meanwhile, the overall momentum remains bullish supported by the weaker dollar.

gold neww


The important levels to watch for today: Support- 1828 and 1820 Resistance- 1842 and 1850.

Quote of the day: "If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes."

Read more- https://gulfbrokers.com/en/daily-market-report-303
 
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