The UK unemployment rate dropped to 4.9% in February, according to new data from the Office for National Statistics, from 5.0% in January. While the number of employees on payrolls fell by 56,000 in March compared to the previous month.
US stock futures and European shares trading lower on Tuesday, amid concerns about rising COVID-19 cases in Europe and Asian countries. This week the worldwide coronavirus death toll has hit 3 million. "It took nine months to reach one million deaths; four months to reach two million, and three months to reach three million," the WHO chief said.
On the earnings front, Johnson & Johnson (NYSE: JNJ) and Abbott Laboratories (NYSE: ABT) reporting earnings today before the bell while Netflix (NASDAQ: NFLX) is scheduled to report results after the market close.
Crude oil prices slightly retreat from the fresh session high. Moving ahead to the North American session, the Investors now await the weekly API report on US crude oil stockpiles due later in the day.
In the currency market, the EURUSD hit the fresh month high of 1.2078 supported by the weaker dollar while the long-term direction of the currency pair depends upon Thursday’s ECB monetary policy meeting.
The Safe-haven metal rebounded back to above $1770 after it dropped to near the short-term support area of $1763. Overall, the momentum remains bullish supported by rising coronavirus cases in some countries.
On the data front, China central bank kept its benchmark lending rates unchanged. The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.
During the Asian session, the Reserve Bank of Australia released the last meeting minutes. “Members agreed to have a broader discussion of the implications of climate change for financial stability in coming months,” the RBA minutes said.
Worldwide, more than 141 million people have been confirmed infected and more than 3 million have died. The United States has confirmed over 31.62 million cases and has had more than 567,00 deaths from COVID-19, the highest totals in the world.
DOLLAR INDEX: The Index slightly rebounded from the fresh monthly lows. At the time of writing, the USD trading above 91.00.
The important levels to watch for today: Support- 90.80 and 90.60 Resistance- 91.30 and 91.60.
GOLD: The yellow metal trading above $1770 area during the European session, if the bullish momentum continues the next upside levels to watch the $1783 and $1790 zone. On the flip side, the immediate support at $1760/58.
The important levels to watch for today: Support- 1763 and 1758 Resistance- 1783 and 1792.
Quote of the day: “To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game.” Robert Kiyosaki.
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