Daily Market Report - Thursday, Oct 07, 2021

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The Euro slightly rebounded against the US dollar ahead of the ECB minutes from the September meeting. Meanwhile, the European Central Bank chief Christine Lagarde has suggested that the bank will continue on the current path of stimulus and ignore inflation for the time being.

EQUITIES

US stock futures and European stocks holding the early session gains. On Wednesday, Wall Street ended higher for the second consecutive day after the release of stronger-than-expected ADP data.

OIL

Crude oil prices reversed from the highest levels seen in seven years after the release of weaker-than-expected EIA and API inventory data. The EIA data showed on Wednesday, crude stockpiles grew by 2,346 thousand barrels last week.

CURRENCIES

In the currency market, the safe-haven Japanese yen and the British pound holds steady against the US dollar on Thursday. On the other hand, the New Zealand dollar struggling to find upside momentum following the RBNZ rate decision.

GOLD

The safe-haven metal remains undecided as to which way its next directional break will be as the investors waiting for the US NFP numbers, which is set to be released on Friday.

Economic Outlook

On the data front, US ADP payrolls increased by 568,000 last month, after a revised 340,000 gain in August, according to ADP Research Institute data released Wednesday.

Moving ahead today, the important events to watch:

EUROZONE – ECB meeting minutes: GMT – 11.30

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 235 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair rebounded after it found short-term buyers below the 1.1530 area. If the bullish momentum continues the next upside levels to watch 1.1580 and 1.1630. On the downside, 1.1500 remain a key support level to watch.

eurusd


The important levels to watch for today: Support- 1.1530 and 1.1500 Resistance- 1.1580 and 1.1610.

GOLD: The yellow metal slightly retreats from the early session high of $1766, any break above this level the short-term upside levels to watch $1772 and $1780. On the downside, the immediate support at $1750 and $1744.

gold neww


The important levels to watch for today: Support- 1750 and 1744 Resistance- 1772 and 1780.

Quote of the day- I have found that when the market’s going down and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy. – Peter Lynch.

Read more- https://gulfbrokers.com/en/daily-market-report-383
 
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