DAILY MARKET REPORT - Thursday, Oct 08, 2020

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The stock market continues to be volatile going up and down. On Wednesday, Wall Street ended higher after President Trump appeared to soften his stance on a further stimulus package for American households, airlines, and small businesses. On Tuesday, the stocks fell following President Trump decided to halt stimulus talks until after the November 3rd presidential election.

EQUITIES

Global stocks trading higher on Thursday after Wall Street closed higher overnight. US stocks ended higher on renewed optimism that U.S. lawmakers could still reach an agreement on additional stimulus. UK stocks traded higher on Brexit optimism, as both the UK and the EU pledged to reach an agreement on their future relationship by October 15th. While Britain is set to abandon talks if no progress is made by October 15, when the EU Summit begins.

OIL

Crude oil prices rebounded from the early session lows as oil workers in the US Gulf Coast evacuated 183 offshore oil platforms and halt nearly 1.5 million barrels per day of output as Hurricane Delta approaches the region. On Wednesday, Oil price ended slightly lower after the data showed an increase in crude stockpiles last week.

CURRENCIES

In the currency market, the New Zealand dollar hits fresh weekly low on Thursday after the RBNZ Assistant Governor said that the bank continues to work actively on negative interest rates and funding for lending programs.

GOLD

Gold price trading steady on Thursday supported by the weaker dollar and a resurgence in virus cases in Europe and some US states.

Economic Outlook

On the data front, the German trade surplus shrunk to €15.7 billion during August, with Imports expanding nearly 6% and Exports rising by 2.4%.

On Wednesday, the minutes of the September FOMC reported that the committee is ready to consider changes to its asset purchases. The Fed believes that aggressive monetary and fiscal policy is needed to keep the recovery going strong as market participants still see significant risks ahead.

Moving ahead today, the important events to watch:

EUROZONE – ECB Monetary Policy Meeting minutes: GMT – 11.30

US – Initial jobless claims: GMT – 12.30

Coronavirus update:

The number of people infected with the coronavirus across the world surpassed 36.1 million, of which at least 1.05 million people have died and 25.2 million have recovered, according to data released by the Johns Hopkins University. The highest number of infections (7,544,612) is recorded in the US, followed by India (6,757,131) and Brazil (4,969,141).

Technical Outlook

EUR/USD:
The currency pair trading steady ahead of ECB meeting minutes. At the time of writing, the EURO trades above 1.1760.

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The important levels to watch for today: Support- 1.1720 and 1.1680 Resistance- 1.1795 and 1.1820.

GOLD: The yellow metal trades sideways after it dropped by almost 2% in the previous session.

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The important levels to watch for today: Support- 1880 and 1865 Resistance- 1896 and 1904.

Quote of the day: The best investing advice should be easy to understand and stand the tests of time – Phil Town.

Read more- https://gulfbrokers.com/en/daily-market-report-182
 
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