DAILY MARKET REPORT - Tuesday, May 18, 2021


America’s biggest retailer Walmart (NYSE: WMT) is scheduled to announce first-quarter financial results on Tuesday before the bell. Consensus forecast EPS of $1.21 on revenue of $131.8 Billion. $WMT stock closed slightly lower on Monday and the stock’s 52-week low $117.01 and high $153.66.


Asian and European shares traded higher on Tuesday while the US stock futures struggling to find the upside momentum ahead of FOMC minutes.


Crude Oil prices trading steady ahead of the API data today. During the last week, the API data showed a 2.5-million-barrel decline in US weekly inventories, versus a draw of 2.8 million barrels expected by analysts.


In the currency market, the British pound climbs to above 1.4200 on Tuesday supported by better-than-expected UK employment data and the weaker US dollar. The UK unemployment rate came at 4.8% in the three months to March of 2021, lower than market forecasts of 4.9%.


The Safe haven metal slightly retreated from the early session highs, during the Asian session the metal bounced to a fresh monthly high of $1873 boosted by the dollar weakness and amid declining US Treasury yields.

Economic Outlook

On the data front, Japan reported weaker-than-expected GDP data. The GDP dropped to 1.3% in the first quarter, compared with estimates of a 1.2% fall.

During the Asian session, the Reserve bank of Australia released the last meeting minutes. The minutes showed the central bank's board viewed the conditions for a rate rise as unlikely to be met "until 2024 at the earliest."

Moving ahead today, the important events to watch:

US – Building permits: GMT – 12.30

US – Housing starts: GMT – 12.30

Coronavirus update:

Worldwide, more than 163 million people have been confirmed infected and more than 3.3 million have died. The United States has confirmed over 32.9 million cases and has had more than 586,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The US dollar remained under selling pressure against its pairs. The next crucial support level to watch $89.70 and 89.40.


The important levels to watch for today: Support-89.70 and 89.40 Resistance- 90.10 and 90.40.

GOLD: The yellow metal hovers near the $1870 area. The near-term resistance is around $1875, any break over targets $1880/$1890. Overall, the momentum remained bullish throughout the Asian session.

gold neww

The important levels to watch for today: Support- 1863 and 1855 Resistance- 1875 and 1882.

Quote of the day: Markets can remain irrational longer than you can remain solvent. -John Maynard Keynes.

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