DAILY MARKET REPORT - Tuesday, Feb 16, 2021

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The UK has given the first dose of coronavirus vaccine to almost a quarter of the population, the Britain Government data showed the total receiving first vaccines doses was 15 million. Britain has reported over 117,000 virus-related deaths, the highest pandemic toll in Europe. Meanwhile, UK prime minister Boris Johnson will set out on February 22 the government's plans to end the lockdown. He has said he wants schools to reopen on March 8.

EQUITIES

European and UK shares closed higher on Monday amid optimism about rapid economic recovery. On Tuesday, US futures slightly retreated from the early session highs because of renewed tensions between the US and China.

OIL

Crude oil price slightly retreated from the highs after it closed fresh year high on Monday by hopes for global economic recovery and lower supplies from OPEC+ countries.

CURRENCIES

In the currency market, the commodity currencies leading the gains supported by higher oil. On the other hand, the British pound climbed to a fresh year high on Tuesday lifted by the UK's successful COVID-19 vaccination programme and lessening expectations of negative interest rates.

GOLD

The safe-haven struggling to find an upside momentum as the risk sentiment in global markets improves over-optimism related to the ongoing mass vaccination efforts in the UK and US.

Economic Outlook

On Tuesday, during the Asian session, the RBA released the minutes of its February policy meeting. "In Australia, the economic recovery was well underway and had been stronger than expected previously," the minutes said. RBA also noted that consumption growth is still expected to remain positive in the coming months, and while wage growth has fallen to its lowest level in at least two decades.

Moving ahead today, the important events to watch:

Germany – ZEW economic sentiment: GMT – 10.00

Eurozone – GDP: GMT – 10.00

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 108.9 million. The United States has confirmed over 27.6 million cases and has had more than 485,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD
: The British pound rose to fresh weekly high after USD gives back some of the gains. The pair currently trading below 1.3920 levels after climbed to near 1.3950 on Tuesday morning session.

euraud


The important levels to watch for today: Support- 1.3900 and 1.3860 Resistance- 1.3950 and 1.3990.

GOLD: The yellow metal hovers near the short-term support of $1818 on Tuesday. During the previous session, the metal closed slightly higher but failed to break above the $1830 zone.

gold neww


The important levels to watch for today: Support- 1810 and 1798 Resistance- 1826 and 1834.

Quote of the day: Given the nature of the market, the chance of a crash is always greater than the chance of an overnight runaway euphoria.

Read more- https://gulfbrokers.com/en/daily-market-report-261
 
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