DAILY MARKET REPORT - Tuesday, June 16, 2020

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Important Wall Street earnings today: Oracle Corporation (NYSE: ORCL) and Groupon (NASDAQ: GRPN) will post earnings after the market closes on Tuesday. Oracle estimated to report quarterly earnings at $1.20 per share on revenue of $10.90 billion. While Groupon expected to report quarterly earnings at $0.08 per share on revenue of $380.22 million.

EQUITIES

Dow Jones surged more than 1000 points on Monday after the Federal Reserve’s decision to buy individual corporate bonds to support the US economy. US stocks climbed higher after the announcement and major indexes closed higher, the Dow Jones Industrial Average up 0.6%, the S&P 500 index 0.8% and the NASDAQ composite 1.4%. On Tuesday, Asian equities recorded strong gains. Stocks in Australia rallied up to 4.30%, the Nikkei jumped 4.17% and the Hang Seng gained 2.95%.

OIL

Crude Oil prices trading steady on Tuesday as hopes of OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand.

CURRENCIES

GBP/USD trading near to session low after the UK average earnings were hit more than expected and the jobless claims rose more than half a million in May, more than the analysts’ forecasts.

GOLD

The yellow metal price surged on Tuesday as the US Federal Reserve is set to start purchasing corporate bonds to support the economy as concerns over the second wave of coronavirus infections grow.

Economic Outlook

On Monday, British Prime Minister Boris Johnson agreed with top European Union officials to intensify Brexit trade talks over the summer as both sides seek to reach a deal before a year-end deadline.

Japanese Yen trading unchanged on Tuesday after the Bank of Japan (BOJ) has decided to hold its monetary policy unchanged in the hopes of gradual economic recovery in the aftermath of the coronavirus pandemic worldwide.

During the Asian session, the RBA published the minutes of its June 2 meeting, at which the regulator kept the rate unchanged at 0.25% and noted that the current monetary policy provides the Australian economy with all the necessary support.

Moving ahead today, the important events to watch:

US retail sales – 12.30 GMT

US Fed Chair Jerome Powell's testimony– 14.00 GMT

Coronavirus Update:

The number of people infected with the coronavirus across the world hit 7.89 million, of which at least 433 thousand people have died. The US remains the worst-hit country with over 2.11 million infections, while its death toll exceeds 116,000. With 43,959 COVID-19 deaths, Brazil accounts for the second-highest number of fatalities in the world. New Zealand health authorities have reported two new COVID-19 cases, which are the first reported infections in over three weeks. Germany has reported 378 new COVID-19 infections and nine deaths over the past 24 hours.

Technical Outlook

GOLD:
Gold price trading steady above on Tuesday after the yellow metal price fell more than 1% on the previous session.

audusd


The important levels to watch for today: Support- 1720 and 1708 Resistance- 1735 and 1747.

EUR/USD: The pair rebounded from the previous session lows near $1.1225 to highs near $1.1350.

cruse


The important levels to watch for today: Support- 1.1280 and 1.1240 Resistance- 1.1350 and 1.1390.

Quote of the day: Be fearful when others are greedy and greedy when others are fearful- Warren Buffet.


Read more- https://gulfbrokers.com/en/daily-market-report-106
 
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