DAILY MARKET REPORT - Tuesday, March 16, 2021

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During the European session, the ZEW economic research institute released the latest economic sentiment data. The data showed Germany Zew economic sentiment rose to 76.6 points in March from 71.2 the previous month.

EQUITIES

US stock futures trading higher on Tuesday ahead of the U.S. Commerce Department's February retail sales data. On Monday, the Dow Jones, and the S&P 500 close at a fresh record high.

On the US earnings front, Lennar (NYSE: LEN), and Coupa (NASDAQ: COUP) reporting earnings today after the market close.

OIL

Crude oil price trading lower for the second consecutive day after Germany, France and Italy suspended the use of the AstraZeneca COVID-19 vaccine over blood clot concerns.

CURRENCIES

In the currency market, the British pound fell to a fresh weekly low of 1.3808 on Tuesday following the bearish comments from the Bank of England governor Andrew Bailey. Meanwhile, the Euro trading strong boosted by better-than-expected economic data.

GOLD

The safe-haven metal trading unchanged on Tuesday as the investors and traders await the outcome of the Federal Reserve policy meeting starting today. Overall, the momentum remains bullish throughout this week.

Economic Outlook

On the data front, the Reserve Bank of Australia released the last meeting minutes. In the minutes, Governor Philip Lowe reiterated it was unlikely cash rates would rise over the next three years.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Industrial production: GMT – 13.15

Coronavirus update:

Worldwide, more than 119.9 million people have been confirmed infected and more than 2.6 million have died. The United States has confirmed over 29.4 million cases and has had more than 534,900 deaths from COVID-19, the highest totals in the world. Meanwhile, U.S. President Joe Biden says America will reach the milestone of 100 million coronavirus vaccinations within the next 10 days.

Technical Outlook

EUR/USD:
The currency pair slightly rebounded from the early session lows. At the time of writing, the pair trades above 1.1940.

eurusd


The important levels to watch for today: Support- 1.1910 and 1.1870 Resistance- 1.1960 and 1.20.

GOLD: The precious metal trading steady above $1730. Any break above $1740 will open the doors to $1748 and $1760. On the downside, the immediate support at $1722.

gold neww


The important levels to watch for today: Support- 1728 and 1720 Resistance- 1740 and 1748.

Quote of the day: Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price – Jack D. Schwager.

Read more- https://gulfbrokers.com/en/daily-market-report-265
 
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