DAILY MARKET REPORT - Thursday, Jan 14, 2021

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European stocks trading steady on Thursday ahead of European Central Bank Policy Meeting Minutes. On Wednesday, European Central Bank council member Francois Villeroy de Galhau said the ECB will keep an easy stance for as long as needed.

EQUITIES

US stock futures trading higher on Thursday as investors awaited US President-elect Joe Biden’s plans for further stimulus measures on Thursday. The package is expected to include $2,000 in stimulus checks. Meanwhile, Asian shares traded higher supported by better-than-expected Chinese economic data.

OIL

Crude oil prices trading lower on Thursday following a larger-than-expected decline in US crude inventories. The EIA data showed US crude inventories fell 3.25 million barrels to 482.21 million barrels in the week ended January 8th.

CURRENCIES

In the currency market, the Australian and New Zealand dollar trading slightly higher lifted by upbeat Chinese export data. While the EURO and British pound trading unchanged on Thursday.

GOLD

The yellow metal trading below $1850 ahead of U.S. Federal Reserve Chairman Jerome Powell speech. Overall, the momentum remained bearish throughout this week.

Economic Outlook

On the data front, Chinese exports grew more than expected in December. The exports rose 18.1% in December from a year earlier, slowing from a 21.1% jump in November but beating expectations for a 15% rise

On Wednesday, the US labour department released the latest inflation data. The U.S. CPI increased 0.4% in December alone, taking the annualised rate of consumer price growth up to 1.4%

Moving ahead today, the important events to watch:

Eurozone – ECB meeting minutes: GMT – 12.30

US – Jobless claims: GMT – 13.30

US – U.S. FED Chairman Jerome Powell speech: GMT – 16.30

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 91.9 million. The United States has reported 22.9 million confirmed cases and has had more than 382,000 deaths from COVID-19, the highest totals in the world. India and Brazil have the second and third highest case tallies, recording some 10.4 and 8 million cases, respectively. In Spain, the total number of infections increased to 2.18 million and the number of fatalities to 52,878 since the start of the pandemic.

Technical Outlook

Dollar Index:
The US dollar index trading steady above 90 during the European session. If the bullish momentum continues the next upside to watch 90.50/70.

DXY


The important levels to watch for today: Support- 89.90 and 89.60 Resistance- 89.50 and 89.75.

GOLD: The precious metal struggling to find the upside momentum. At the time of writing, the gold price trading below $1940.

gold neww


The important levels to watch for today: Support- 1832 and 1826 Resistance- 1850 and 1865.

Quote of the day: Profits can be made safely only when the opportunity is available and not just because they happen to be desired or needed- Gerald M Loeb.

Read more- https://gulfbrokers.com/en/daily-market-report-238
 
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