American Biotechnology firm, Moderna (NASDAQ: MRNA) shares closed more than 12% higher on Monday after the company said it believes its COVID-19 vaccine protects against new variants found in Britain and South Africa. The company will publish data from its tests against the South African and UK variants on the website bioRxiv.
Asian shares ended lower on Tuesday after rising tensions between the U.S.-China in the South China Sea. China said on Tuesday it will conduct military exercises in the South China Sea this week. Meanwhile, the Wall Street ended mixed on Monday on U.S. stimulus package uncertainty.
On the US earnings front, Johnson & Johnson (NYSE: JNJ) and American Express (NYSE: AXP) reporting earnings today before the bell while Microsoft (NASDAQ: MSFT) and Advanced Micro Devices (NASDAQ: AMD) is scheduled to report results after the market close.
Crude oil prices trading steady on Tuesday despite uncertainty over US stimulus. On Monday, Republicans have raised some objections on the expensive price tag of a $1.9 trillion proposed stimulus package.
In the currency market, the EURO fell to a fresh weekly low of 1.2107 on Tuesday. Overall, the currency pair remains bearish from yesterday after Germany IFO Business Climate in January fell from 92.2 to 90.1 points.
The gold price retreated from the previous session highs after the dollar index rose for the 3rd consecutive session. During the previous session, the safe-haven metal surge to above $1865 lifted by the hopes for a stimulus plan.
On the data front, the UK unemployment rate came at 5%, slightly lower than forecasts of 5.1%. While the number of people claiming jobless benefits rose by 7K in December, against expectations +35K.
Worldwide, the number of COVID-19 cases reported is more than 99.3 million and 2.1 million people have died. The United States has confirmed over 25.2 million cases and has had more than 420,830 deaths from COVID-19, the highest totals in the world. On the positive side, the number of coronavirus deaths and cases per day in the US has dropped markedly over the past couple of weeks.
EUR/USD: The currency pair slightly rebounded from the early session lows. At the time of writing, the pair trades above 1.2130.
The important levels to watch for today: Support- 1.2100 and 1.2070 Resistance- 1.2160 and 1.2190.
GOLD: The gold price hovers near the $1850 support area ahead of US consumer confidence data. Overall, the momentum remains bearish throughout the European session.
The important levels to watch for today: Support- 1848 and 1836 Resistance- 1866 and 1875.
Quote of the day: Money management is the only strategy to survive in this crazy, stupid and doped financial world market- William C. Brown.
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