DAILY MARKET REPORT - Wed, Dec 09, 2020

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The UK started vaccinating its population against coronavirus on Tuesday, becoming the first country to start distributing the Pfizer-BioNTech vaccine after regulators approved its use last week. Tuesday was declared “V-Day” as the United Kingdom launched its COVID-19 vaccination program.

The first recipient was a 90-year-old woman named Margaret Keenan the first person in the world to receive the Pfizer/BioNTech coronavirus vaccine as part of a mass vaccination program. "My advice to anyone offered the vaccine is to take it. If I can have it at 90, then you can have it too," she said.

EQUITIES

Wall Street ended higher on Tuesday lifted by positive vaccine news from Pfizer and Johnson & Johnson. On Tuesday, Johnson & Johnson (NYSE: JNJ) said it could obtain late-stage trial results for a single-dose vaccine earlier than expected. On the other hand, the Trump administration proposed a new package worth $916 billion, which bipartisan leaders have hailed as progress.

OIL

Crude oil prices fell during the early Asian session after weaker-than-expected API inventory data. The API data showed an increase of 1.141 million barrels of crude oil in the U.S. crude oil inventories for the week ending Dec. 4.

CURRENCIES

In the currency market, the EURO trading steady on Thursday supported by the weaker dollar while the long-term direction of the currency pair depends upon Thursday’s ECB monetary policy meeting.

GOLD

Gold prices retreated lower from the previous session highs. The gold traders and investors await the FDA approval for emergency use of Pfizer's COVID-19 vaccine. On Thursday, the Vaccines and Related Biological Products Advisory Committee, an advisory group, will discuss the vaccine in an open public meeting.

Economic Outlook

On the data front, China's consumer price index (CPI), dipped 0.5% year on year in November, the National Bureau of Statistics said Wednesday.

During the European session on Wednesday, Germany released the latest trade balance data. The trade surplus rose to a seasonally adjusted EUR 18.2 billion from EUR 17.6 billion in the previous month.

Coronavirus update:

Worldwide, more than 67.8 million people have been confirmed infected and more than 1.5 million have died, according to Johns Hopkins University. The U.S. leads with 291,407 deaths. Brazil comes second with 177,400. India’s deaths are at 141,340; Mexico is with 110,074 deaths, and the U.K is with 62,033.

Technical Outlook

GBP/USD:
The currency pair trading extra volatile ahead of meeting between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen on Wednesday.

euraud


The important levels to watch for today: Support- 1.3340 and 1.3290 Resistance- 1.3440 and 1.3500.

GOLD: The gold price overall momentum remains mixed on Wednesday. During the previous session, the yellow metal hit a fresh weekly high of $1875.

gold neww


The important levels to watch for today: Support- 1850 and 1820 Resistance- 1875 and 1900.

Quote of the day: When a beginner wins, he feels brilliant and invincible then he takes wild risk and losses everything – Alexander Elder.

Read more- https://gulfbrokers.com/en/daily-market-report-225
 
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