DAILY MARKET REPORT - Thursday, May 06, 2021

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The British pound fell to a fresh session low of 1.3855 on Thursday after the Bank of England left the interest rate unchanged and kept the Asset Purchase Facility steady at £895 billion. The central bank said the outlook for the UK economy remains uncertain. While at the time of writing, the GBP rebounded back to above 1.3930.

EQUITIES

US stock futures and European shares trading extends higher on Thursday supported by the strong Q1 earnings results and better-than-expected Eurozone retail sales data.

On the earnings front, Moderna (NASDAQ: MRNA) and Viacom (NASDAQ: VIAC) reporting earnings today before the bell while AMC (NYSE: AMC) and Roku (NASDAQ: ROKU) is scheduled to report results after the market close.

OIL

Crude oil prices trading slightly lower on Thursday despite better-than-expected EIA and API inventory data. On Wednesday, the latest EIA data showed an unexpected drop in U.S. crude inventories in the week ended April 30.

CURRENCIES

In the currency market, the US dollar Index retreat from the previous session high driven by the weaker-than-expected ISM services PMI and ADP employment numbers.

GOLD

The Safe-haven metal jump back to above $1790 on Thursday boosted by the weaker US dollar and US Treasury yields fell below 1.6%.

Economic Outlook

On the data front, the Eurozone retail sales in March increased by 2.7%, compared to the market expectations of 1.5% growth. On the other hand, the UK services PMI grew to 61.0 in April from 56.3 in March.

Coronavirus update:

Worldwide, more than 154 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.5 million cases and has had more than 577,000 deaths from COVID-19, the highest totals in the world. In India, the total COVID-19 cases crossed 20 million on Wednesday.

Technical Outlook

EUR/USD:
The currency pair rebounded from the key support area 1.1990. At the time of writing, the pair hovers near 1.2050.

eurusd


The important levels to watch for today: Support- 1.2030 and 1.20 Resistance- 1.2080 and 1.2110.



GOLD: The yellow metal trading steady above $1790. Overall, the movement remains bullish throughout the European session.

gold neww


The important levels to watch for today: Support- 1784 and 1774 Resistance- 1798 and 1804.

Quote of the day: The whole secret to winning and losing in the stock market is to lose the least amount possible when you are not right- William O’Neil.

Read more- https://gulfbrokers.com/en/daily-market-report-301
 
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