US Dollar extends higher ahead of the final Q4 GDP data which is set to be released at 12:30 GMT. At the time of writing, the Dollar index trades at 92.66.
Global stocks trading lower on concerns about the coronavirus pandemic in Europe and escalating tensions between the Western countries and China. Meanwhile, the Biden administration is considering up to US$3 trillion in additional spending on infrastructure, green energy, and education.
Oil prices pushed higher in the overnight session after a shipping mishap blocked the Suez Canal but failed to keep the upside momentum. The oil price retreated back to lower during the Asian session on Thursday.
In the currency market, the British pound and Euro extend lower on Thursday after the US dollar Index found strong buyers above 92. The US dollar received additional buying pressure on Wednesday after upbeat US economic data.
The safe-haven metal price continuously trading steady above $1730 supported by the rising tensions between Western countries and China.
On the data front, the Swiss National Bank (SNB) announced its latest monetary policy decision and left its sight deposit interest rate unchanged at -0.75%.
On Wednesday, the US released the latest manufacturing PMI data. The data showed the PMI rose slightly to 59.0, up from 58.5 and within expectations.
Moving ahead today, the important events to watch:
US – Jobless claims: GMT – 12.30
US – GDP: GMT – 12.30
Worldwide, more than 124 million people have been confirmed infected and more than 2.72 million have died. The United States has confirmed over 29.9 million cases and has had more than 543,800 deaths from COVID-19, the highest totals in the world. While, AstraZeneca said its COVID-19 vaccine was 76% effective in a new analysis of its US trial, lower than 79% initially announced.
USD/JPY: The currency pair jumped back to above 109 today. The pair may continue to push higher if it holds above 109. The next upside levels to watch 109.35 and 109.60.
The important levels to watch for today: Support- 108.90 and 108.60 Resistance- 109.35 and 109.60.
GOLD: The yellow metal trading weaker below $1740 supported by $1720. Today, gold is again expected to face resistance around $1746 along with support around $1720 and $1710.
The important levels to watch for today: Support- 1726 and 1718 Resistance- 1740 and 1746.
Quote of the day: When a long-term loses its momentum, short-term volatility tends to rise. It is easy to see why that should be: the trend-following crowd is disoriented – George Soros.
Read more- https://gulfbrokers.com/en/daily-market-report-272