Daily Market Report - Tuesday, Nov 2, 2021

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Pharmaceutical giant Pfizer (NYSE: PFE) kicks off this week health care earnings. Wall Street’s revenue consensus for $PFE is $22.7 billion and the earnings per share of $1.08 per share for the quarter.

CVS Health (NYSE: CVS) plans to announce its third-quarter financial results on Wednesday, Nov. 03. Other health care firms including Regeneron Pharmaceuticals (NASDAQ: REGN) and Moderna (NASDAQ: MRNA) are both scheduled to report earnings on Nov. 04.

EQUITIES

US stock futures struggling to find the upside momentum as investors await the Fed’s taper announcement. On Monday, the major US indices ended higher for the third consecutive session supported by strong earnings reports.

OIL

Crude oil prices slightly retreat from the highs after Kuwait said the cartel should stick with its plan to increase output gradually because oil markets were well-balanced. While the focus shifts to the OPEC+ monthly meeting on Thursday. On the other hand, the oil investors also waiting for the US crude oil inventory reports from API on Tuesday, and the official EIA data on Wednesday.

CURRENCIES

In the currency market, the US dollar ignored the better-than-expected US ISM manufacturing data and the greenback hovers near the session low. The ISM manufacturing PMI surged to 60.8, against the projected 60.4. Meanwhile, the Australian dollar faces downside pressure after the RBA dovish statement.

GOLD

The precious metal remained volatile ahead of a policy statement by the US Federal Reserve and any policy action could put a dent or prop up the yellow metal’s safe-haven appeal.

Economic Outlook

On the data front, The Reserve Bank of Australia has kept Australia's interest rate on hold at the record-low level of 0.1% and the bank will maintain its policy of buying $4 billion in government bonds a week until mid-February. RBA governor Lowe said that interest rates would not be hiked up until the bank was satisfied there was a sustainable increase in inflation.

"This is likely to take some time. The board is prepared to be patient, with the central forecast being for underlying inflation to be no higher than 2.5 per cent at the end of 2023 and for only a gradual increase in wages growth," - RBA governor Lowe said.

Coronavirus update:

Worldwide, more than 246 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 46 million cases and has had more than 740,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

USDJPY:
The currency pair retreats back to near the 113.60 area. If the bearish momentum continues the next downside levels to watch today, 113.40 and 113.10 zones. On the flip side, the immediate resistance is at 113.90/114.30.

euraud


The important levels to watch for today: Support- 113.40 and 113.10 Resistance- 113.90 and 114.30.

GOLD: For today, the resistance for Gold around 1802, any break over targets 1806/10. On the other side, the immediate support near 1787 and any break will drag the metal to 1782 and 1778 levels.

gold neww


The important levels to watch for today: Support- 1787 and 1780 Resistance- 1802 and 1810.

Quote of the day- “Individuals who cannot master their emotions are ill suited to profit from the investment process.” Benjamin Graham.

Read more- https://gulfbrokers.com/en/daily-market-report-395
 
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