Asian markets trading unchanged due to the China New Year holidays. Chinese shares closed for a week-long holiday from Thursday with trade resuming on Feb. 18. While Hong Kong markets are set to reopen on Tuesday next week.
On Wednesday, the Wall Street slightly retreated from the highs following the weaker-than-expected Inflation data and bearish comments from Federal Reserve Chairman Jerome Powell. He said monetary policy needs to stay “patiently accommodative” to support labour market challenges.
On the earnings front, PepsiCo (NASDAQ: PEP) and AstraZeneca (NASDAQ: AZN) reporting earnings today before the bell while Walt Disney (NYSE: DIS) and Dexcom (NASDAQ: DXCM) is scheduled to report results after the market close.
Crude oil price ended higher on Wednesday supported by better-than-expected EIA inventory data. The data showed that US crude oil stocks fell by 6.6 million barrels in the week ended February 5.
In the currency market, the British pound retreated from the highs ahead of UK GDP data that will come out tomorrow.
The gold price trading in a range between $1832 support and $1855 resistance. During the previous session, the metal rose to a fresh weekly high of $1855 boosted by the dovish comments from the Fed Chair Powell.
On the data front, the U.S. Consumer Price Index for January came in lower than expected. The CPI came at 1.4% in January of 2021, the same as in December and slightly below market forecasts of 1.5%, meanwhile, the Core CPI dropped to 0.0% against the projected 0.2%
Worldwide, more than 107 million people have been confirmed infected and more than 2.34 million have died. The United States has confirmed over 27.1 million cases and has had more than 469,400 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair trading steady above 1.2130 on Thursday. If the bullish momentum continues the next upside levels to watch 1.2180 and 1.2210.
The important levels to watch for today: Support- 1.2110 and 1.2080 Resistance- 1.2160 and 1.2200.
GOLD: The yellow metal trading steady above $1840 ahead of US jobless claims data. Overall, the momentum remains bullish throughout the European session.
The important levels to watch for today: Support- 1837 and 1830 Resistance- 1848 and 1860.
Quote of the day: Investing money is the process of committing resources in a strategic way to accomplish a specific objective – Alan Gotthardt.
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