On Monday, the National Association of Realtors (NAR) data showed the US Existing Home sales fell 6.6% in February to a seasonally adjusted annual rate of 6.22 million. Moving ahead to the North American session, the US new home sales data are set to be released later in the day. Analysts expect a reading of 875,000 compared to January’s 923,000.
Wall Street ended higher on Monday as bond yields retreated. European stocks and US stock futures trading lower on Tuesday as Europe is affected by the third wave of infections. On Monday, Germany announced yesterday that it extends its lockdown to the middle of April and France also announced a partial lockdown over the weekend.
Crude Oil prices struggling to find the upside momentum after suffering from their largest weekly loss since October. During the previous session, the oil price slightly rebounded following a large US trial that showed that the vaccine from AstraZeneca was 79% effective at preventing the coronavirus’s symptoms.
In the currency market, the New Zealand dollar hits a fresh year low on Tuesday after the NZ government has moved to impose curbs on the housing market to ease prices, announcing its plans to abolish the tax-deductibility of interest payments.
The safe-haven metal trading unchanged on Tuesday. The important events to watch today for Gold traders, the Fed Chair Jerome Powell will testify on Tuesday before Congress, together with Treasury Secretary Yellen.
On the data front, the UK released the monthly job report. The data showed that the unemployment rate unexpectedly dropped to 5% in January.
On Monday, Richmond Federal Reserve President Thomas Barkin said that he was hopeful that the US economy was on the brink of completing recovery.
Worldwide, more than 123 million people have been confirmed infected and more than 2.7 million have died. The United States has confirmed over 29.8 million cases and has had more than 542,000 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair retreated back to below 1.1900 after It climbed to a fresh session high of 1.1930. Overall, momentum remains bearish throughout this week.
The important levels to watch for today: Support- 1.1860 and 1.1830 Resistance- 1.1940 and 1.1990.
GOLD: The yellow metal slightly reversed from the previous session lows and trading above $1735 during the European session.
The important levels to watch for today: Support- 1720 and 1710 Resistance- 1746 and 1754.
Quote of the day: Good day traders do not have big swings or big losing days. A good day trader is very conservative and picks his spots closely- Edward Franco.
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