Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

The National Statistical Office (ONS) released the April month UK retail sales figures. The retail sales increased by 9.2% in April from 5.1% in March and on an annualised basis, the sales rose by 42.4%. The stronger-than-expected results boosted by the easing of coronavirus restrictions, including permission to open unnecessary grocery stores.

EQUITIES

Wall Street rebounded and closed higher on Thursday following the strong US jobless claims numbers while several Asian markets traded lower on Friday due to the progress of the coronavirus in Asia including Singapore and Thailand.

OIL

Crude Oil prices extend lower on Friday driven by the unexpected crude inventory build, concerns over the coronavirus situation in India and signs of progress in the US-Iran nuclear talks continue to affect sentiment.

CURRENCIES

In the currency market, the EURO retreat from the early gains after mixed PMI data from Germany. While the British pound trading steady against the US dollar and Euro supported strong retail sales data.

GOLD

The Safe haven metal trading unchanged on Friday. During the previous session, the metal closed slightly higher but failed to break above the weekly high of $1889.

Economic Outlook

On the data front, France reported better-than-expected Manufacturing and services PMI numbers while German manufacturing PMI posted weaker-than-expected.

On Thursday, the US labor department reported the latest weekly jobless claims data. The data showed the jobless claims dropped by 34 thousand to 444 thousand in the week ending May 15th.

Moving ahead today, the important events to watch:

US – Manufacturing PMI: GMT – 13.45

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 164 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33 million cases and has had more than 587,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD: The currency pair trading extra volatile ahead of ECB President Christine Lagarde press conference. The key levels to watch today 1.2150 and 1.2245.

The important levels to watch for today: Support-1.2200 and 1.2170 Resistance- 1.2240 and 1.2280.

GOLD: Currently the gold price supported at $1860 levels, any break below this level will open the doors to $1852 and $1844. On the other upper side, the immediate resistance at $1882 and $1890.

The important levels to watch for today: Support- 1870 and 1862 Resistance- 1878 and 1884.

Quote of the day: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price- Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-311

 

[davtrent55]

Thanks, got my on Gold for next week

 

[syamfx2020]

Competition in the Electronic vehicle market increased significantly this year due to the growing demand for electric vehicles.

Here are the 5 important EV stocks the investors should watch now other than Tesla- https://gulfbrokers.com/en/tesla-to-bmw-ev-competition-heats-up-in-2021

 

[Forexathome]

I’m feeling the buys, eying up January’s high for TP

 

[syamfx2020]

The EUR/USD rebounded back to above 1.22 on Monday. The currency pair closed below 1.22 on Friday following the mixed comments from ECB President Christine Lagarde. Lagarde said It is too early for the European Central Bank to discuss winding down its €1.85 trillion Pandemic Emergency Purchase Programme.

EQUITIES

Asian shares and US stock futures start the new week on a positive note while several European markets are closed today in observance of Whit Monday.

OIL

Crude oil prices rebounded from the previous week lows and climb to a fresh session high on fears about supply disruption due to a developing storm in the Gulf of Mexico region.

CURRENCIES

In the currency market, the British pound trading lower against the Euro and US dollar on Monday. While the New Zealand dollar slightly recovered following the release of upbeat retail sales data.

GOLD

The safe-haven metal price continuously trading steady above $1880 supported by the weaker US dollar and falling Treasury yields.

Economic Outlook

On the data front, New Zealand's statistics department released the last quarter retail sales data. The data showed the retail sales increased by 2.5% in the March 2021 quarter following a 2.6% fall in the December 2020 quarter.

This week the main highlights of the economic calendar will be the RBNZ interest rate decision, Germany IFO and GDP data and US GDP personal income figures.

Coronavirus update:

Worldwide, more than 167.1 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33 million cases and has had more than 587,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar index: The US dollar struggling to find the upside momentum. The important levels to watch this week 89.60 and 90.40.

The important levels to watch for today: Support-89.80 and 89.60 Resistance- 91.10 and 91.30.

GOLD: The precious metal trading steady above $1880. Any break above $1889 will open the doors to $1895 and $1900. On the downside, the immediate support at $1870 then $1862.

The important levels to watch for today: Support- 1875 and 1870 Resistance- 1884 and 1890.

Quote of the day: A great business at a fair price is superior to a fair business at a great price – Charlie Munger.

Read more- https://gulfbrokers.com/en/daily-market-report-312

 

[syamfx2020]

NZD/USD climbed to a fresh weekly high of 0.7235 on Tuesday ahead of the RBNZ interest rate decision and statement which is set to be announced at 02.00 GMT on Wednesday. RBNZ expected to leave the interest rates unchanged. The future direction of the New Zealand dollar will depend on the RBNZ policy statement.

EQUITIES

Wall Street ended higher on Monday after the Federal Reserve officials tried to soothe concerns about inflation. European shares traded higher on Tuesday despite weaker-than-expected German GDP data.

OIL

Crude oil prices slightly retreat from the early session highs ahead of API inventory data. During the last week, the API data showed a 0.62-million-barrel increase in US weekly inventories.

CURRENCIES

In the currency market, the EUR/USD climb to above the previous week high on Tuesday. At the time of writing, the currency pair trading above 1.2250. The British pound rebounded back to above 1.42 supported by the positive comments from Bank of England Governor Andrew Bailey. Bailey said he does not see inflation causing a serious problem in the medium to long term.

GOLD

The safe-haven metal price recovered from the Asian session losses and now testing the key resistance area $1888. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, German GDP data reported weaker-than-expected. The data showed the GDP fell 1.8% in the last quarter, slightly worse than a preliminary estimate of 1.7%. Meanwhile, the German IFO business climate data came better than expected.

Moving ahead today, the important events to watch:

US – CB consumer confidence: GMT – 14.00

US – New home sales: GMT – 14.30

Coronavirus update:

Worldwide, more than 167.1 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33.1 million cases and has had more than 589,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar index: US dollar Index break below the previous support area of 89.60, the next crucial demand area to watch this week 89.20.

The important levels to watch for today: Support- 89.40 and 89.20 Resistance- 89.70 and 90.

GOLD: The gold price hovers near the resistance zone of $1889. Any break above the level the next upside level to watch $1895. On the flip side, the immediate support at $1870.

The important levels to watch for today: Support- 1872 and 1865 Resistance- 1889 and 1895.

Quote of the day: Successful investing is anticipating the anticipations of others – John Maynard Keynes.

Read more- https://gulfbrokers.com/en/daily-market-report-313

 

[syamfx2020]

Markets continue to be volatile this week.

GOLD
Support: 1860 and 1843 Resistance: 1890 and 1906

EURUSD
Support: 1.22 and 1.2150 Resistance: 1.2280 and 1.2310

Dollar Index
Support: 89.40 and 89.20 Resistance: 89.90 and 90.20

 

[syamfx2020]

View attachment executium-Lta5b8mPytw-unsplash.jpg
Bitcoin price trading lower on Tuesday after the primary cryptocurrency failed to break above the $40000 zone.

Read the detailed report here - https://gulfbrokers.com/en/bitcoin-struggling-to-find-direction

 

[syamfx2020]

NZD/USD spikes after RBNZ kept its official cash rate at 0.25 but projected the key rate could rise in the second half of 2022.

Moving ahead to the key economic events and earnings to watch this week.

 

[syamfx2020]

Online job marketplace firm ZipRecruiter is set to begin trading on the New York Stock Exchange under the symbol “ZIP” on Wednesday and the company is going public through a direct listing rather than an IPO with a valuation of $ 2.4 billion

ZipRecruiter was founded in 2010 and the company claims to be the number-one-rated enterprise job site in the USA. In 2020, the company total revenue was $418.1 million compared to $429.6 million the year before.

EQUITIES

Wall Street ended lower on Tuesday driven by weaker-than-expected US consumer confidence and new home sales data.

On the earnings front, Nvidia (NASDAQ: NVDA), Snowflake (NYSE: SNOW) and Okta (NASDAQ: OKTA) is scheduled to report results after the market close.

OIL

Crude oil prices trading steady after the better-than-expected API inventory data. The data showed US crude inventories fell 0.439 million barrels in the week ended May 21st.

CURRENCIES

In the currency market, the EUR/USD pause the last 2 consecutive days upside move and trading unchanged on Wednesday following the comments from ECB’s Governing council member Villeroy de Galhau. He said the ECB might end up being more patient with the tapering than even the Fed.

GOLD

The safe-haven metal climbed to above a 4-month high on Wednesday boosted by the weaker dollar and yields on US Treasuries fell for a fourth straight day.

Economic Outlook

On the data front, the US Commerce Department reported the latest new home sales data on Tuesday. The data showed the US new homes sales fell more than expected 5.9 in April.

The Reserve bank of New Zealand RBNZ kept its official cash rate at 0.25 during its May meeting and maintained its large-scale asset purchase program at $NZ100 billion. While the central bank projected the key rate could rise in the second half of 2022.

Coronavirus update:

Worldwide, more than 167.4 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33.1 million cases and has had more than 589,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

NZD/USD: The currency pair slightly retreat from the resistance area of 0.7315. If it breaks above 0.7315 the next upside levels to watch 0.7340/50. On the flip side, the immediate support at 0.7270 then 0.7240.

The important levels to watch for today: Support- 0.7270 and 0.7240 Resistance- 0.7315 and 0.7350.

GOLD: The gold price trading steady above $1900 during the European session. If the bullish momentum continues the next upside levels to watch $1915 and $1920.

The important levels to watch for today: Support- 1900 and 1890 Resistance- 1910 and 1920.

Quote of the day: A great trader is like a great athlete. You need to have natural skills, but you have to train yourself how to use them.

Read more- https://gulfbrokers.com/en/daily-market-report-314