DAILY MARKET REPORT - Thursday, Sep 10, 2020

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Today’s session in Europe will see most its attention turns toward important ECB Monetary Policy Statement which is set to be released at 11:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 12:30. The ECB kept its main refinancing rate unchanged at 0% in July and pledged to buy up to €1.35 trillion worth of debt through June 2021.

EQUITIES

Global stocks trading higher on Thursday following a rebound on Wall Street. European shares opened higher ahead of ECB monetary policy decision. Japanese shares ended higher on Thursday as better-than-expected machinery orders data. Japan Machinery Orders climbed 6.3% in July on a seasonally adjusted basis after dropping 7.6% in June.

OIL

Crude oil prices slightly retreated from the early session highs after the API reported the inventories increased by 3 million barrels in the week to September 4th, missing market expectations of 1,4 million barrels of a draw.

CURRENCIES

In the currency market, EUR/USD trading steadily above 1.18 ahead of the key European Central Bank (ECB) monetary policy decision. On Wednesday, the pair bounced from the crucial support area 1.1750 after positive comments from the ECB policymakers.

GOLD

The gold price trading between $1940-$1950 on Thursday ahead of European central bank meeting and US initial weekly jobless claims data.

Economic Outlook

On Wednesday, The Bank of Canada left its key rate unchanged at 0.25% at its September policy meeting. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.

Moving ahead today, the important events to watch:

Eurozone – ECB Interest Rate Decision and Monetary Policy Statement: GMT– 11.45

Eurozone – ECB press conference: GMT – 12.30


US – Initial jobless claims: GMT – 12.30

US – producer price index: GMT – 12.30

Coronavirus update:

The U.S. has more than 6.3 million confirmed cases and more than 190,000 deaths, according to Johns Hopkins University data. Globally, there are almost 27.6 million cases and more than 900,000 fatalities. While British PM Johnson announced new coronavirus restrictions including a ban in all social gatherings of more than six people from September 14th.

Technical Outlook

XAU/USD:
Gold price trading below the $1950 resistance level on Thursday. Overall, the momentum remained bearish throughout the day.

audusd


The important levels to watch for today: Support- 1935 and 1920 Resistance- 1955 and 1965.



EUR/USD: The currency pair trading above 1.1810 during the European session supported by the weaker dollar.

cruse


The important levels to watch for today: Support- 1.1790 and 1.1760 Resistance- 1.1840 and 1.1880.

Quote of the day: You learn nothing from trading if you think you are right all the time.

Read more- https://gulfbrokers.com/en/daily-market-report-163
 
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