DAILY MARKET REPORT - Thursday, April 22, 2021

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Today’s session in Europe will see most of its attention turns toward the important ECB Monetary Policy Statement which is set to be released at 11:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 12:30. The central bank is likely to leave rates unchanged at 0.00% while the investors are eagerly waiting for the comments from the ECB president.

EQUITIES

European shares opened higher ahead of ECB monetary policy decision. On the other hand, Wall Street ended higher on Wednesday following the sell-off in the previous session.

On the earnings front, American Airlines (NASDAQ: AAL) and AT&T (NYSE: T) reporting earnings today before the bell while Snap (NYSE: SNAP) and Intel (NASDAQ: INTC) is scheduled to report results after the market close.

OIL

The crude oil prices trading lower for the third consecutive day as the number of coronavirus infections is continuing to climb higher across Asia, raising fears that governments could reimpose restrictions again which could further impede recovery in oil demand. Meanwhile, EIA data showed on Wednesday the US crude inventories rose by 0.594 million barrels last week.

CURRENCIES

In the currency market, the EURO rebounded back to above 1.2040 after the European Union resumed its usage of the Johnson & Johnson vaccine. While the Canadian trading strong against the US dollar on Thursday following the Hawkish comments from the Bank of Canada.

GOLD

The Safe-haven metal climb to a fresh monthly high on Wednesday supported by the weaker dollar and virus concerns across Asia.

Economic Outlook

On the data front, the bank of Canada left interest rates unchanged at the April policy meeting but tapered asset purchases by 1 billion. The central bank is expecting Canada’s real GDP growth to touch 6.5% in 2021, and then moderate to around 3.75% in 2022 and 3.25% in 2023.

"Vaccines are rolling out, and there are brighter, brighter days ahead and reflecting that we have revised up our outlook," BoC, Governor Tiff Macklem said.

Moving ahead today, the important events to watch:

Eurozone – ECB interest rate decision and statement: GMT – 11.45

US – Jobless claims: GMT – 12.30

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 142 million people have been confirmed infected and more than 3 million have died. The United States has confirmed over 31.7 million cases and has had more than 567,700 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair bounced from the psychological support area 1.2000. On the upper side, the important levels to watch 1.2080 and 1.2100.

eurusd


The important levels to watch for today: Support- 1.2020 and 1.1960 Resistance- 1.2080 and 1.2110.



GOLD: The yellow metal trading extremely near to the $1900 crucial resistance area. Overall, the momentum remained bullish throughout this week.

gold neww


The important levels to watch for today: Support- 1783 and 1774 Resistance- 1800 and 1806.

Quote of the day: “You need to know very well when to move away, or give up the loss, and not allow the anxiety to trick you into trying again.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-291
 
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