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Today the market participant's investors are now turning their eye to the release of US Gross Domestic Product (GDP) for the third quarter data today. The GDP is expected to confirm 2.9% Annualized growth in the third quarter. The GDP figures are one of the Fed's thermometers for gauging the health of the US economy.
Meanwhile, the UK released the third quarter GDP data. The UK GDP fell 0.3% between July and September, a downward revision from the first estimate of a fall of 0.2%.
EQUITIES
US stock futures hold weekly gains on Thursday morning. The recent sentiment was lifted by stronger-than-expected US consumer confidence data and Positive earnings from Nike and FedEx (NYSE: FDX).
OIL
Crude oil futures extended the gains on Thursday morning boosted by the decline in US crude inventory. The latest EIA data showed the US crude oil inventories fell by 5.89 million barrels last week, much more than market expectations of a 1.66-million-barrel decrease.
CURRENCIES
In the currency market, the US dollar Index hovers near the weekly lows ahead of the USD GDP data while commodity-linked currencies such as the Canadian and Australian dollars gained to support the higher commodity prices. Meanwhile, the Euro holding the gains against the US dollar lifted by strong macroeconomic data from Germany and Eurozone.
GOLD
The precious metal climbed back to 1820 on Thursday morning on dollar weakness. As of the writing, the metal retreats back to below $1815 and the further direction will depend on US GDP figures which will release later today.
Economic Outlook
On the data front, the Commerce Department released the latest U.S. consumer confidence data on Wednesday. The data showed the Consumer Confidence Index increased to 108.3 in December from 101.4 in November.
Moving ahead today, the important events to watch:
US – GDP: GMT – 13.30
US – Jobless claims: GMT – 13.30
Coronavirus update:
Worldwide, more than 653 million people have been confirmed infected and more than 6.66 million have died. The United States has confirmed over 99.8 million cases and has had more than 1.08 million deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: In the short-term perceptive, the immediate bias will remain bullish as long as prices exceed 1.0570. On the flip side, any break below 1.0570 then the next support near 1.0550 followed by the 1.0500 level.
The important levels to watch for today: Support- 1.0600 and 1.0550 Resistance- 1.0670 and 1.0710.
GOLD: The yellow metal hovers above the $1815 area. If the bullish momentum continues the next upside levels to watch are $1823 and $1826. On the downside side, $1810 is a crucial support area to watch for today.
The important levels to watch for today: Support- 1810 and 1806 Resistance- 1820 and 1826.
Quote of the day - Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices - Merton Miller.
Read more - https://gulfbrokers.com/en/daily-market-report-593
Meanwhile, the UK released the third quarter GDP data. The UK GDP fell 0.3% between July and September, a downward revision from the first estimate of a fall of 0.2%.
EQUITIES
US stock futures hold weekly gains on Thursday morning. The recent sentiment was lifted by stronger-than-expected US consumer confidence data and Positive earnings from Nike and FedEx (NYSE: FDX).
OIL
Crude oil futures extended the gains on Thursday morning boosted by the decline in US crude inventory. The latest EIA data showed the US crude oil inventories fell by 5.89 million barrels last week, much more than market expectations of a 1.66-million-barrel decrease.
CURRENCIES
In the currency market, the US dollar Index hovers near the weekly lows ahead of the USD GDP data while commodity-linked currencies such as the Canadian and Australian dollars gained to support the higher commodity prices. Meanwhile, the Euro holding the gains against the US dollar lifted by strong macroeconomic data from Germany and Eurozone.
GOLD
The precious metal climbed back to 1820 on Thursday morning on dollar weakness. As of the writing, the metal retreats back to below $1815 and the further direction will depend on US GDP figures which will release later today.
Economic Outlook
On the data front, the Commerce Department released the latest U.S. consumer confidence data on Wednesday. The data showed the Consumer Confidence Index increased to 108.3 in December from 101.4 in November.
Moving ahead today, the important events to watch:
US – GDP: GMT – 13.30
US – Jobless claims: GMT – 13.30
Coronavirus update:
Worldwide, more than 653 million people have been confirmed infected and more than 6.66 million have died. The United States has confirmed over 99.8 million cases and has had more than 1.08 million deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: In the short-term perceptive, the immediate bias will remain bullish as long as prices exceed 1.0570. On the flip side, any break below 1.0570 then the next support near 1.0550 followed by the 1.0500 level.
The important levels to watch for today: Support- 1.0600 and 1.0550 Resistance- 1.0670 and 1.0710.
GOLD: The yellow metal hovers above the $1815 area. If the bullish momentum continues the next upside levels to watch are $1823 and $1826. On the downside side, $1810 is a crucial support area to watch for today.
The important levels to watch for today: Support- 1810 and 1806 Resistance- 1820 and 1826.
Quote of the day - Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices - Merton Miller.
Read more - https://gulfbrokers.com/en/daily-market-report-593
