Daily Market Report by GulfBrokers 2020-2021

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US Ride-hailing giants Lyft and Uber are scheduled to report their latest quarterly earnings this week.

Lyft (NASDAQ: LYFT) is scheduled to announce first-quarter financial results on Tuesday after market close. The company is expected to post quarterly earnings of -$0.54 per share and revenues are expected to be $557 million. Lyft stock price increased more than 13% this year.

Uber (NYSE: UBER) is scheduled to announce its first-quarter results after market close on Wednesday. The company expected to post a loss of $0.37 per share on $3.26 billion in revenue.

EQUITIES

Wall Street ended higher on Monday supported by the strong corporate earnings and the successful COVID-19 vaccine rollout in the US.

On the earnings front, Pfizer (NYSE: PFE), Ferrari (NYSE: RACE), CVS Health (NYSE: CVS) reporting earnings today before the bell while T-Mobile (NASDAQ: TMUS), and Lyft (NASDAQ: LYFT) is scheduled to report results after the market close.

OIL

Crude oil prices climb to near the previous week in hopes of stronger global demand. On Monday, the European Commission announced plans to ease restrictions on vaccinated travellers as early as next month.

CURRENCIES

In the currency market, the Australian dollar fell to near the 0.77 area after the RBA said the central bank did not anticipate raising rates before 2024. Meanwhile, the British pound trading steady on Tuesday boosted by the upbeat UK manufacturing PMI data.

GOLD

The Safe-haven metal retreat from the previous session high after the mixed comments from U.S. Fed chair Jerome Powell. On Monday, the metal rose to a fresh weekly high of $1797 on weak ISM data.

Economic Outlook

On the data front, the US ISM manufacturing PMI came in at 60.7 for April, compared with the 65.0 reading that was expected.

On Monday, US Federal Reserve Chairman Jerome Powell said the economic outlook has "clearly brightened" in the United States, but the recovery remains too uneven.

Coronavirus update:

Worldwide, more than 153 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.4 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 infections exceed 20 million as the country reports 357,229 new cases over the last 24 hours.

Technical Outlook

DOLLAR INDEX:
The Index rebounded back to above 91 today. The pair may continue to push higher if it holds above 91. The next upside levels to watch 91.40 and 92.00.

DXY


The important levels to watch for today: Support- 91.10 and 90.80 Resistance- 91.40 and 91.60.

GOLD: The gold price slips to near the short-term support area of $1780 on Tuesday after it failed to break last month high of $1797.

gold neww


The important levels to watch for today: Support- 1777 and 1768 Resistance- 1790 and 1797.

Quote of the day: People who succeed in the stock market also accept periodic losses, setbacks, and unexpected occurrences. Calamitous drops do not scare them out of the game. – Peter Lynch.

Read more- https://gulfbrokers.com/en/daily-market-report-299
 
Another busy week ahead as investors keep an eye on the UK BOE decision, US NFP report and Q1 earnings.

Apart from this, there are several other important events to watch.

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Crude oil prices climb above the previous month high on Wednesday supported the successful COVID-19 vaccine rollout in the US and UK and more stimulus measures could aid economic recovery which will boost oil demand in the near future. On the negative side, investors continued to monitor a deepening COVID-19 crisis in India, Japan, and Canada.

Technically the overall momentum remained bullish for the US crude oil prices throughout this week. In the short term if the bullish momentum continues the next upside levels to watch $67 and $67.70. On the flip side, the first immediate support can be found at $65.30 and then $64.60.

EQUITIES

US stock futures rebounded from the previous session losses. The major Asian markets including China, Japan and South Korea remain closed on Wednesday. European shares trading flat following the mixed services PMI data from Germany and Eurozone.

On the earnings front, General Motors (NYSE: GM) reporting earnings today before the bell while Uber (NYSE: UBER), PayPal (NASDAQ: PYPL) and ETSY (NASDAQ: ETSY) is scheduled to report results after the market close.

OIL

Crude oil prices trading steady during the European session as Investors now await the weekly EIA inventory report on US crude oil stockpiles due later in the day. During the Asian session, the API data showed the oil inventories went down 7.7 million barrels last week.

CURRENCIES

In the currency market, the U.S. Dollar Index measures the dollar’s value against the basket of six major currencies trading higher on Wednesday. The British pound trading strong against the Euro and US Dollar ahead of the BOE meeting on Thursday.

GOLD

The Safe-haven metal trading slightly lower on Wednesday after U.S. Treasury Secretary Janet Yellen suggested a potential rise in U.S. interest rates. Moving ahead to the North American session, the gold traders and investors should closely watch the release of the ADP and ISM PMI data.

Economic Outlook

On the data front, the Germany Services PMI came weaker-than-expected to 49.9 in April from a preliminary of 50.1 and down from 51.5 in March. While Eurozone Services PMI was revised slightly higher to 50.5 in April 2021, from a preliminary estimate of 50.3.

Moving ahead today, the important events to watch:

US– ADP employment report: GMT – 12.15

US – ISM services PMI: GMT – 14.00

US – EIA crude inventories: GMT – 14.30

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.

Technical Outlook

EUR/USD:
The currency pair extends slide to a fresh weekly low of 1.1985 during the European session. The next downside levels to watch 1.1960 and 1.1950 for today.

eurusd


The important levels to watch for today: Support- 1.1960 and 1.1940 Resistance- 1.2030 and 1.2050.



GOLD: The yellow metal trades below $1780, any break below $1773 the next downside levels to watch $1768 and 1762. On the upper side, the immediate resistance around $1784.

gold neww


The important levels to watch for today: Support- 1768 and 1762 Resistance- 1784 and 1790.

Quote of the day: “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas.

Read more- https://gulfbrokers.com/en/daily-market-report-300
 
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The safe-haven metal shy to break the psychological level of $1800 ahead of the US NFP report. The move above the psychological mark of $1800 will drive the metal up to the next upside levels of $1814/1820. On Wednesday, the yellow metal received a further boost following the weaker-than-expected US macro-economic data including ISM services PMI and ADP employment report.

Read the NFP preview and gold price technical outlook here- https://gulfbrokers.com/en/gold-peaks-near-1800-nfp-in-focus
 
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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
 
View attachment 64587
The safe-haven metal shy to break the psychological level of $1800 ahead of the US NFP report. The move above the psychological mark of $1800 will drive the metal up to the next upside levels of $1814/1820. On Wednesday, the yellow metal received a further boost following the weaker-than-expected US macro-economic data including ISM services PMI and ADP employment report.

Read the NFP preview and gold price technical outlook here- https://gulfbrokers.com/en/gold-peaks-near-1800-nfp-in-focus
Gold as expected nice $12 upside move after the break of $1798.
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