Daily Market Report - Thursday, Oct 21, 2021

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The parent company of Snapchat, Snap (NYSE: SNAP) is scheduled to announce third-quarter financial results on Thursday. Consensus forecast EPS of $0.08 on revenue of $1.09 Billion. $SNAP stock has increased by 50% since the start of 2021.

Snap reported blockbuster second-quarter results. The company posted a 116% jump in revenue to $982M and the daily active users (DAUs) rose 22% year over year to 265 million.

EQUITIES

US stock futures trading slightly lower on Thursday. On Wednesday, Wall Street ended mixed after US Federal Reserve official’s stance on tapering. Fed Governor Randal Quarles said that while it is time for the Fed to begin dialling down its bond-buying program.

OIL

Crude oil prices reversed from the early session highs. On Wednesday, the oil prices jumped to a fresh weekly high after the release of EIA inventory data. The data showed US crude stockpiles fell by 431,000 barrels last week against market expectations of a 1.857-million-barrel increase.

CURRENCIES

In the currency market, the dollar index, which tracks the U.S. currency against six major peers slightly recovered the previous session losses. The Australian dollar retreat back to below 0.7500, the pair hits a fresh 3 month high of 0.7543 during the Asian session.

GOLD

The precious metal remains steady above $1780 on Thursday, as worries over rising inflation and supply chain issues boosted the safe-haven appeal. Overall, the momentum remains bullish throughout this week.

Economic Outlook

On the data front, Statistics Canada reported the latest inflation figures on Wednesday. Canada's inflation rate increased to a new 18-year high of 4.4 per cent in September and on a monthly basis, inflation was up 0.2% in September.

Coronavirus update:

Worldwide, more than 241 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 49 million cases and has had more than 715,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
For today, the resistance for Euro remains above 1.1670. On the other side, the immediate support is at 1.1630 and any break will drag the pair to 1.1610 and 1.1580 levels.

eurusd


The important levels to watch for today: Support- 1.1630 and 1.1610 Resistance- 1.1650 and 1.1670.

GOLD: The precious metal trades above $1780. The near-term resistance is around $1788, any break over targets $1795 and $1800. On the downside, the immediate support is near $1780/ 1774.

gold neww


The important levels to watch for today: Support- 1772 and 1766 Resistance- 1785 and 1795.

Quote of the day- “The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behaviour.” – Brett Steenbarger.

Read more- https://gulfbrokers.com/en/daily-market-report-389
 
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