DAILY MARKET REPORT - Thursday, Nov 12, 2020

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The US dollar index trading slightly lower ahead of the release of US Consumer Price Index figures. The index climbed to a fresh session high of 93.20 during the previous session boosted by reports of positive results from Pfizer's COVID-19 vaccine trials. During the European session, Germany released the final October CPI data. The data showed the consumer prices dropped 0.2% from a year earlier in October 2020.

EQUITIES

Global stocks trading mixed on Thursday as concerns over the economic fallout from mounting coronavirus infections in Europe and the US outweighed positive vaccine news.

OIL

Crude oil prices trading lower on Thursday after it gained more than 10% during this week following reports of a promising COVID-19 vaccine by Pfizer. On the other hand, Algeria’s energy minister said on Wednesday that OPEC+ could extend current production cuts of 7.7 million bpd into 2021.

CURRENCIES



In the currency market, the British pound retreated back to below 1.3200 zones after mixed UK economic data and UK Chancellor Rishi Sunak warned that the latest lockdown measures had likely slowed growth even more since then.

GOLD

The gold price trading sideways from last two days after the big one-day drop. Overall, the momentum remained bearish throughout this week.

Economic Outlook

On the data front, UK Q3 preliminary GDP numbers which came in at +15.5% vs +15.8% q/q expected while the manufacturing production in the United Kingdom fell 7.9% year-on-year in September of 2020. During the Asian session, Japan released the latest Machinery Orders data. The data showed the orders decreased by 11.5% YoY after falling by 15.2% YoY in the previous month.

On Wednesday, the European Central Bank President Christine Lagarde said policymakers will focus on more emergency bond purchases and cheap loans for banks when it puts together its new stimulus package next month.

Moving ahead today, the important events to watch:

US – Initial jobless claims: GMT – 13.30

US – Consumer price index: GMT – 13.30

US –EIA crude inventories: GMT – 16.00

Coronavirus update:

Worldwide, more than 51 million people have been confirmed infected and more than 1.27 million have died, according to Johns Hopkins University. The U.S. has reported close to 10.4 million cases and more than 240,000 deaths, according to Johns Hopkins University data. India has reported 48,285 fresh Covid-19 cases in the past 24 hours and the country's death toll has mounted to 128,164.

Technical Outlook

NZD/USD:
The currency pair slightly retreated after it hit a fresh session high of 0.8910 during the Asian session. At the time, the pair trades at 0.6870. If the bearish momentum continues the next downside levels to watch 0.6840 and 0.6800.

euraud


The important levels to watch for today: Support- 0.6840 and 0.6800 Resistance- 0.69 and 0.6930.

GOLD: The yellow metal trading below $1870 during the European session ahead of US CPI and jobless claims data.

gold neww


The important levels to watch for today: Support- 1860 and 1848 Resistance- 1880 and 1890.

Quote of the day: Investing isn’t about beating others at their game. It's about controlling yourself at your own game – Benjamin Graham.

Read more- https://gulfbrokers.com/en/daily-market-report-207
 
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