DAILY MARKET REPORT - Wed, July 14, 2021

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US Airline firm Delta Airlines (NYSE: DAL) is scheduled to announce Q2 earnings results on Wednesday before the bell. Consensus forecast EPS of -$1.40 on revenue of $6.20 Billion. During the first quarter, the airline reported a net loss of 1.2 billion.

Delta stock fell another 3% on Tuesday. But considering the selling pressure, the stock may rebound if the company report better-than-expected second-quarter financial results or if the results disappoint then the stock will drop further down.

EQUITIES

Wall Street ended lower on Tuesday as investors remain concerned about the higher inflation. Today the traders and investors waiting for the Fed Chair’s testimony to know his view on the inflation pressures while previously Powell has repeatedly stressed that higher inflation will be temporary. On Tuesday, the latest US annual inflation data showed the consumer price index jumped 5.4%, well above the expectations of 5%.

OIL

Crude Oil prices slightly retreat from the previous session highs following the release of API inventory data. The data showed that the oil inventories in the US dropped by 4.079 million barrels in the July 9th week, compared with the market consensus of a 4.333 million fall.

CURRENCIES

In the currency market, the New Zealand dollar rebounded back to above 0.7000 after the RBNZ meeting. Meanwhile, the Canadian dollar tumbles ahead of the Bank of Canada interest rate decision and policy statement which is set to be announced at 14.00 GMT. The central bank is generally expected to be holding interest rates unchanged at 0.25%.

GOLD

The Safe-haven metal trading sideways ahead of the busy North American session. Overall, the momentum remains bullish as the metal stays above the $1800 area.

Economic Outlook

On the data front, the UK Annual inflation rate increased to 2.5% in June of 2021 from 2.1% in May and the monthly figures showed that the CPI came at +0.5% in June vs. +0.2% expectations.

On Wednesday during the Asian session, the Reserve bank of New Zealand kept its official cash rate at 0.25% but cut short a NZ$100 billion bond-buying program.

Moving ahead today, the important events to watch:

US – PPI: GMT – 12.30

CANADA – BOC interest rate decision and statement: GMT – 14.00

US – EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 187.4 million people have been confirmed infected and more than 4.04 million have died. The United States has confirmed over 33.8 million cases and has had more than 607,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook

EURUSD:
The currency pair plunged to a fresh monthly low of 1.1770 on Tuesday. Any break below 1.1770 will open the doors to 1.1740 and 1.1720. On the upper side, the immediate resistance at 1.1810/40.
eurusd

The important levels to watch for today: Support- 1.1770 and 1.1740 Resistance- 1.1810 and 1.1840.

GOLD: The yellow metal trading above $1810 area during the European session, if the bullish momentum continues the next upside levels to watch the $1815 and $1820 zone. On the flip side, the immediate support at $1800 followed by $1795.
gold neww

The important levels to watch for today: Support- 1800 and 1795 Resistance- 1820 and 1830.

Quote of the day: “Investing puts money to work. The only reason to save money is to invest it.” — Grant Cardone.


Read more here- https://gulfbrokers.com/en/daily-market-report-348
 
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