DAILY MARKET REPORT - Wednesday, April 07, 2021

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Eurozone and Germany reported better-than-expected March service PMI data. While the UK services PMI came below the forecast. Moving ahead to the North American session, Canada will release the latest Ivey PMI figures.

  • UK services PMI – Actual: 56.3 Forecast: 56.8 Previous: 49.5

  • Eurozone services PMI - Actual: 49.6 Forecast: 48.8 Previous: 45.7

  • Germany Services PMI - Actual: 51.5 Forecast: 50.8 Previous: 45.7

EQUITIES

US stock futures trading lower as investors pause ahead of the minutes from the last FOMC meeting which is set to be released at 18.00 GMT.

OIL

Crude oil prices slightly rebounded from the early session lows ahead of the EIA inventory report. Meanwhile, API data released on Tuesday showed the US crude oil stockpiles fell more than expected last week.

CURRENCIES

In the currency market, EUR/USD climbed to a fresh weekly high boosted by better-than-expected economic data from Germany and Eurozone.

GOLD

The safe-haven metal retreated from the previous session high after International Monetary Fund raised this year’s global economic growth forecast to 6 percent from its earlier estimate of 5.5 percent.

Economic Outlook

On the data front, the reserve bank of India kept its key policy repo rate unchanged at 4% and reverse repo rate at 3.35%. "The MPC judged that monetary policy should remain accommodative till prospects of sustained recovery are well secured," RBI governor Shaktikanta Das said.

Moving ahead today, the important events to watch:

CANADA – Ivey PMI: GMT – 14.00

US – EIA crude inventories: GMT – 14.30

US – FOMC minutes: GMT – 18.00

Coronavirus update:

Worldwide, more than 132 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.7 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading near to the 1.19 psychological level. Any break above this level will open the doors to 1.1920/30.

eurusd


The important levels to watch for today: Support- 1.1860 and 1.1820 Resistance- 1.1920 and 1.1950.

GOLD: The yellow metal trading below $1740 resistance area and supported by $1727. Today, gold is again expected to face resistance around $1750 along with support around $1727 and $1718.

gold neww


The important levels to watch for today: Support- 1727 and 1718 Resistance- 1745 and 1750.

Quote of the day: Don’t blindly follow someone, follow the market and try to hear what it is telling you.

Read more- https://gulfbrokers.com/en/daily-market-report-280
 
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