DAILY MARKET REPORT

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Moderna, Inc. (NASDAQ: MRNA), an American biotechnology company, working on developing a vaccine, announced on Monday that the early results from the vaccine were promising from its first human trial. The company said it is launching a large clinical trial in July to determine whether the vaccine works.

EQUITIES


Global stocks surged on Monday after Moderna Inc. announced positive interim Phase 1 Data for its mRNA Vaccine and Fed’s comments that the US economy is expected to recover steadily towards the second half of the year but the recovery could drag through 2021.

OIL

Oil prices rose slightly on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.

CURRENCIES

EURO dollar climbed to two weeks high of 1.0955 after French President Macron and German Chancellor Merkel agreed on Monday to create a €500 billion Recovery Fund to support the economies hit hardest by the coronavirus pandemic. The dollar index depreciated for the 3rd straight session to trade below 99.5 on Tuesday as the market sentiment receives a boost from emerging news reports about the progress towards developing a vaccine against COVID-19.

GOLD

Gold prices fell on Monday due to early positive results from a vaccine of COVID-19, which raised US equity markets and decreased the demand for safe-haven instruments.

Economic Outlook


During the Asian session, the minutes from RBA’s latest meeting reveal the central bank admitting that Australia’s economy is set to experience an unprecedented contraction in the wake of the coronavirus pandemic, but fiscal and monetary stimulus measures can help offset some of the impacts.

Moving ahead today, the important events to watch:

US Housing starts and building permits – 12.30 GMT

Fed Chair Jerome Powell testimony – 14.00 GMT

Coronavirus Update:

Worldwide coronavirus cases pass 4.8 million, death toll crosses 319,000. The United States is the worst hit with 88,719 deaths and 1.49 million cases. The number of Coronavirus infections in India crossed the 1, 00,000 figure mark on Monday, with over 4,500 new cases being discovered. China reported six confirmed coronavirus cases for May 18, including a new case in Wuhan.

Technical Outlook

GOLD:
The yellow metal price slightly recovered from the early losses and currently the pair trading above $1735.

The important levels to watch for today: Support- $1720 and $1708 Resistance- $1745 and $1760.

EUR/USD: The pair currently testing the trend line resistance, any break above this level will open 1.0980 and 1.10.


euraud


The important levels to watch for today: Support- 1.0910 and 1.0870 Resistance- 1.0980 and 1.1010.

Quote of the day: If you are going to invest in an internet stock, you must be a long-term investor, Jeff Bezos.
 
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