DAILY MARKET REPORT - Thursday, Dec 10, 2020



Today’s session in Europe will see most its attention turns toward important ECB Monetary Policy Statement which is set to be released at 12:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 13:30. During the last meeting, the ECB last left monetary policy unchanged. The market participants expect the central bank will increase and extend its pandemic bond-buying program.


US stock futures recovered from the previous session losses as investors widely expected on Thursday, a Food and Drug Administration advisory panel to authorize emergency use of Pfizer's COVID-19 vaccine.


Crude oil prices trading unchanged on Thursday. During the previous session, the EIA reported the biggest weekly supply rise since April. The data showed a 15.19-million-barrel build in crude inventories in the week ended December 4th.


In the currency market, it is a big day for the EURO and the currency pair hovers near 1.2100 level ahead of the ECB's monetary policy decision. While the Australian dollar surged to a fresh monthly high of 0.7492 during the European session boosted by the weaker dollar.


Gold prices extend lower on Thursday after U.S. lawmakers failed to come to an agreement over a proposed stimulus package.

Economic Outlook

On the data front, the UK Gross domestic product increased by 0.4% month-on-month, slower than the 1.1% growth seen in September.

On the post-Brexit front, the meeting between Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen produced no deal on Wednesday and both decided to try to reach an agreement by the weekend.

Moving ahead today, the important events to watch:

Eurozone - ECB interest rate decision and statement: GMT – 12.45

US - initial jobless claims report: GMT – 13.30

US - Consumer Price Index: GMT – 13.30

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 68.4 million. In Europe, 221,551 new cases were recorded in the past 24 hours and another 43,803 patients were identified in Southeast Asia. The United States has passed 15.1 million confirmed cases, with more than 286,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

The currency pair slightly rebounded from the previous session losses. Meanwhile, the overall momentum remains mixed after the pair failed to break previous weekly highs.


The important levels to watch for today: Support- 0.7000 and 0.6960 Resistance- 0.7065 and 0.7110.

GOLD: The gold price slipped back to near the weekly low of $1821 on Wednesday. Any break below $1820 will open the doors to $1800/1790 zones. On the other hand, the immediate resistance at 1842/48.

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The important levels to watch for today: Support- 1821 and 1806 Resistance- 1842 and 1850.

Quote of the day: Having a trading discipline is the beginning, keeping discipline is the process, and staying discipline is a success.

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