DAILY MARKET REPORT - Wed, May 26, 2021

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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.

NZDUSD


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.

gold neww


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
 
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