DAILY MARKET REPORTS - 2021

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Social media giant Facebook (NASDAQ: FB) stock fell almost 5% per cent on Monday after its app, its photo-sharing platform Instagram, and messaging service WhatsApp, suffered a massive global outage. The outage, which has affected millions of users around the world and it educed Facebook CEO, Mark Zuckerberg's personal wealth by the US $ 7 billion on Monday.

"Facebook, Instagram, WhatsApp and Messenger are coming back online now. Sorry for the disruption today — I know how much you rely on our services to stay connected with the people you care about," Mark Zuckerberg, the CEO of Facebook said.

EQUITIES

Wall Street ended lower on Monday after US President Joe Biden said he cannot guarantee the government will not breach its $28.4 trillion debt limit unless Republicans join Democrats in voting to raise it.

OIL

Crude oil prices holding the previous session gains. On Monday, the oil prices bounced after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to stick to the script and only increase output in November by 400,000 bpd.

CURRENCIES

In the currency market, the EURUSD has started to reverse lower, following a period of strength that took the pair up into the key $1.1740 resistance level on Monday. Meanwhile, the British pound remains strong against the Euro.

GOLD

The safe-haven metal climb to a fresh weekly high of $1770 on Monday. However, the upside price action remained under pressure as the US dollar Index rebound back to above the key resistance area of 93.90.

Economic Outlook

The RBA on Tuesday kept rates on hold at a record low of 0.1 per cent and the central bank committed to keeping the rate of bond purchases steady at $4bn a week until February. "The Delta outbreak has interrupted the recovery of the Australian economy and GDP is expected to have declined materially in the September quarter," RBA governor Philip Lowe said.



Moving ahead today, the important events to watch:

US – Trade balance: GMT – 12.30

US – ISM services PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 235 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 43.8 million cases and has had more than 700,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair retreated back to below 1.1700 after it failed to break above the 1.1740 resistance. Overall, the momentum remains bearish throughout the European session.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1560 Resistance- 1.1620 and 1.1650.



GOLD: The yellow metal trades below $1760, any break below $1747 the next downside side level to watch is $1735/30. On the upper side, the immediate resistance was around $1770 then 1785.

gold neww


The important levels to watch for today: Support- 1747 and 1740 Resistance- 1765 and 1772.

Quote of the day- “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” — Robert Kiyosaki.

Read more- https://gulfbrokers.com/en/daily-market-report-381
 

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The Reserve Bank of New Zealand has raised the cash rate from 0.25 per cent to 0.5 per cent as widely expected. The New Zealand dollar plunged to a fresh session low of 0.6880 after the decision.

“The Committee noted that further removal of monetary policy stimulus is expected over time, with future moves contingent on the medium-term outlook for inflation and employment,” RBNZ said.

EQUITIES

US stock futures retreat from the previous session highs. On Tuesday, Wall Street ended slightly higher supported by better-than-expected US economic data. The US ISM Services PMI edged higher to 61.9, up from 61.7 in August.

OIL

Crude oil prices reversing some gains made in the early session, focus shifts to EIA data. During the Asian session, the API inventory data showed US oil inventories rose by 951,000 barrels last week.

CURRENCIES

In the currency market, the Euro remains under pressure after the weaker-than-expected German factory orders data and dovish comments from European Central Bank President Christine Lagarde.

GOLD

The safe-haven metal trades below $1750 ahead of US ADP employment data. Overall, the momentum remains bearish throughout the European session.

Economic Outlook

On the data front, German factory orders plunged 7.7% in August of 2021 compared to market forecasts of a 2.1% fall. On the other hand, the Eurozone retail sales reported less than expected.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 12.15

US – EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 235 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 43.8 million cases and has had more than 700,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The US dollar Index trades steady above 94.30. If the bullish momentum continues the next upside levels to watch 94.50 and 94.70.

DXY


The important levels to watch for today: Support- 94.10 and 93.90 Resistance- 94.50 and 94.70.



GOLD: The yellow metal trades below $1750, any break below $1746 the next downside side level to watch is $1735/30. On the upper side, the immediate resistance is around $1756 then 1760.

gold neww


The important levels to watch for today: Support- 1744 and 1735 Resistance- 1756 and 1760.

Quote of the day- “The stock market is a battlefield. Always remember to survive in the game first. Only those that survive the battle can enjoy the spoils of the war.” – Benjamin Lee.

Read more- https://gulfbrokers.com/en/daily-market-report-382
 

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The Euro slightly rebounded against the US dollar ahead of the ECB minutes from the September meeting. Meanwhile, the European Central Bank chief Christine Lagarde has suggested that the bank will continue on the current path of stimulus and ignore inflation for the time being.

EQUITIES

US stock futures and European stocks holding the early session gains. On Wednesday, Wall Street ended higher for the second consecutive day after the release of stronger-than-expected ADP data.

OIL

Crude oil prices reversed from the highest levels seen in seven years after the release of weaker-than-expected EIA and API inventory data. The EIA data showed on Wednesday, crude stockpiles grew by 2,346 thousand barrels last week.

CURRENCIES

In the currency market, the safe-haven Japanese yen and the British pound holds steady against the US dollar on Thursday. On the other hand, the New Zealand dollar struggling to find upside momentum following the RBNZ rate decision.

GOLD

The safe-haven metal remains undecided as to which way its next directional break will be as the investors waiting for the US NFP numbers, which is set to be released on Friday.

Economic Outlook

On the data front, US ADP payrolls increased by 568,000 last month, after a revised 340,000 gain in August, according to ADP Research Institute data released Wednesday.

Moving ahead today, the important events to watch:

EUROZONE – ECB meeting minutes: GMT – 11.30

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 235 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair rebounded after it found short-term buyers below the 1.1530 area. If the bullish momentum continues the next upside levels to watch 1.1580 and 1.1630. On the downside, 1.1500 remain a key support level to watch.

eurusd


The important levels to watch for today: Support- 1.1530 and 1.1500 Resistance- 1.1580 and 1.1610.

GOLD: The yellow metal slightly retreats from the early session high of $1766, any break above this level the short-term upside levels to watch $1772 and $1780. On the downside, the immediate support at $1750 and $1744.

gold neww


The important levels to watch for today: Support- 1750 and 1744 Resistance- 1772 and 1780.

Quote of the day- I have found that when the market’s going down and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy. – Peter Lynch.

Read more- https://gulfbrokers.com/en/daily-market-report-383
 

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Today, the Investors and traders will closely monitor the release of US Federal Reserve monetary policy meeting minutes that might add some volatility to the market. During the last FOMC meeting, the central bank left the policy unchanged as expected but hinted about tapering of its monthly asset purchase program in November and hope for the rise rate hike in next year.

Meanwhile, on Tuesday, Atlanta Fed Bank President Raphael Bostic said that the US inflation was above the Federal Reserve’s 2% inflation target.

EQUITIES

US stock futures trading near the session low as investors waiting for the release of US inflation data and big banks earnings results. Meanwhile, the Asian shares traded steady following the release of better-than-expected Chinese economic data. Chinese exports increased by 28.1% in September from a year earlier, accelerating from a 25.6% increase in August

OIL

Crude oil prices struggling to find the upside momentum, focus shifts to the API and EIA inventory report. On the other hand, the oil investors should also closely monitor the OPEC monthly report which is set to be released at 11:00 GMT.

CURRENCIES

In the currency market, the EURUSD slightly rebounded on Wednesday after the US dollar kept the gains limited from the early Asian session. During the previous session, the currency pair plunged to a fresh year low of 1.1523.

GOLD

The safe-haven metal trades near the weekly high ahead of US inflation data. The upside momentum came after the IMF revised downwards its 2021 global growth forecast by 0.1 percentage points to 5.9%.

Economic Outlook

On the data front, UK reported better-than-expected economic data. Industrial production in the UK rose 0.8% in August and U.K. gross domestic product grew by 0.4 percent in August over July.

Moving ahead today, the important events to watch:

US – CPI: GMT – 12.30

US – FOMC meeting minutes: GMT – 18.00

Coronavirus update:

Worldwide, more than 235 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair holding the early session gains even after the release of weak Eurozone industrial production data. At the time of writing, the pair trades above 1.1550

eurusd


The important levels to watch for today: Support- 1.1520 and 1.1500 Resistance- 1.1580 and 1.1610.

GOLD: Today the gold price is supported at below $1750, any break below $1746 will open the doors to $1740 and $1735. On the other upper side, the immediate resistance at $1770 and $1779.

gold neww


The important levels to watch for today: Support- 1760 and 1748 Resistance- 1772 and 1779.

Quote of the day- “In trading/investing, it’s not about how much you make but rather how much you don’t lose.” - Bernard Baruch.

Read more- https://gulfbrokers.com/en/daily-market-report-384
 

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USDJPY still showing strong momentum on weekly time frames but there are chances the pair will pull back from the current level. At the time of writing, the pair slightly retreated from a 3-year high of 113.80 and now hovers near 113.40. Any break below 113.00 will open the doors to 112.50/30. On the upper side break above 113.80 can lead the pair to 114/114.20.

EQUITIES

Asian and European shares trades higher on Thursday boosted stronger-than-expected macro-economic data and Q3 earnings results. On Wednesday, the US Bank JP Morgan reported better-than-expected Q3 earnings results while the stock ended slightly lower.

OIL

Crude oil prices holding the previous session gains but struggling to break the weekly highs after the release of weak API inventory data. The data showed stocks of crude oil in the US increased by 5.123 million barrels in the week ended October 8th.

CURRENCIES

In the currency market, the Australian dollar remains one of the strongest currency pairs in this week. The currency pair climbs to the fresh monthly high of 0.7413 on Thursday supported by better-than-expected Australian unemployment data.

GOLD

The safe-haven metal bullish momentum continues after an impressive previous session rally. At the time of writing, the metal trades near the $1800 psychological level.

Economic Outlook

On the data front, Minutes from the FOMC’s September meeting revealed the Fed plans to begin reducing their bond-buying stimulus program in November and the policymakers worried about high inflationary pressures persisting for a longer period of time.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US – PPI: GMT – 12.30

US – EIA crude inventories: GMT – 15.00

Coronavirus update:

Worldwide, more than 239 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The Index trades below 93.80. In the short-term, if the bearish momentum continues the next downside levels watch 93.65 and 93.50. On the flip side, the immediate resistance is at 94.10 and then 94.30.

eurusd


The important levels to watch for today: Support- 93.65 and 93.50 Resistance- 94.10 and 94.35.

GOLD: The precious metal trades steady above $1795. If the bullish momentum continues then the next upside level is to watch $1800 and $1806. On the downside, any meaningful pullback now seems to find some support near the $1788 zones, below which the slide could further get extended towards the $1780 region.

gold neww


The important levels to watch for today: Support- 1788 and 1780 Resistance- 1800 and 1806.

Quote of the day- Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. - Benjamin Graham.

Read more- https://gulfbrokers.com/en/daily-market-report-385
 

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The second-largest US bank, Bank of America (NYSE: BAC) shares climb to a fresh 52-week high of $45 on Thursday after the company announced better-than-expected third-quarter financial results. The stock ended almost 5% higher on Thursday and gained more than 40% in 2021.

BAC reported a 12% growth in revenue to $22.8 billion in the last quarter and the bank's loans grew by $21 billion from the previous three months.

  • Earnings per share: $0.85 vs. $0.71 expected
  • Revenue: $22.8 Billion vs. $21.65 Billion expected
"We had loan growth in every loan product at the company. It was very broad based," BofA, CFO, Paul Donofrio said.

EQUITIES

Wall Street ended higher on Thursday boosted by better-than-expected Q3 earnings results and strong weekly US initial jobless claims numbers.

OIL

Crude oil prices rose to a new session high on Friday despite the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 6.088 million barrels in the week ending October 8th.

CURRENCIES

In the currency market, the U.S. dollar is mostly flat against a broad basket of currencies on Friday. Meanwhile, the commodity currencies like the Canadian dollar and New Zealand dollar bounced to the fresh weekly high on Thursday boosted by the oil prices rally.

GOLD

The safe-haven metal retreat from the previous session gains. The gold traders should continue to monitor the developments in U.S. government bond markets and US dollar movement today.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed the U.S. jobless claims fell to its lowest level since the pandemic began, dropping 36,000 to 293,000, the second straight drop.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1580. On the flip side, the first resistance at 1.1620 any break above this level will open 1.1640 minimum.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1550 Resistance- 1.1620 and 1.1640.

GOLD: The precious metal trades near the $1790 area. On the upside, a move above $1800 will push the metal towards the next resistance area of $1808/10. In case if it settles above this level, it will head towards the next resistance at $1820.

gold neww


The important levels to watch for today: Support- 1785 and 1780 Resistance- 1800 and 1808.

Quote of the day- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-386
 

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The second-largest US bank, Bank of America (NYSE: BAC) shares climb to a fresh 52-week high of $45 on Thursday after the company announced better-than-expected third-quarter financial results. The stock ended almost 5% higher on Thursday and gained more than 40% in 2021.

BAC reported a 12% growth in revenue to $22.8 billion in the last quarter and the bank's loans grew by $21 billion from the previous three months.

  • Earnings per share: $0.85 vs. $0.71 expected
  • Revenue: $22.8 Billion vs. $21.65 Billion expected
"We had loan growth in every loan product at the company. It was very broad based," BofA, CFO, Paul Donofrio said.

EQUITIES

Wall Street ended higher on Thursday boosted by better-than-expected Q3 earnings results and strong weekly US initial jobless claims numbers.

OIL

Crude oil prices rose to a new session high on Friday despite the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 6.088 million barrels in the week ending October 8th.

CURRENCIES

In the currency market, the U.S. dollar is mostly flat against a broad basket of currencies on Friday. Meanwhile, the commodity currencies like the Canadian dollar and New Zealand dollar bounced to the fresh weekly high on Thursday boosted by the oil prices rally.

GOLD

The safe-haven metal retreat from the previous session gains. The gold traders should continue to monitor the developments in U.S. government bond markets and US dollar movement today.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed the U.S. jobless claims fell to its lowest level since the pandemic began, dropping 36,000 to 293,000, the second straight drop.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1580. On the flip side, the first resistance at 1.1620 any break above this level will open 1.1640 minimum.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1550 Resistance- 1.1620 and 1.1640.

GOLD: The precious metal trades near the $1790 area. On the upside, a move above $1800 will push the metal towards the next resistance area of $1808/10. In case if it settles above this level, it will head towards the next resistance at $1820.

gold neww


The important levels to watch for today: Support- 1785 and 1780 Resistance- 1800 and 1808.

Quote of the day- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-386
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syamfx2020

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The entertainment giant Netflix (NASDAQ: NFLX) is set to announce its third-quarter 2021 financial results today after the markets close. Netflix is expected to post quarterly earnings of $2.56 per share and revenues are expected to be $7.48 billion.

Currently, Netflix’s share price is up 18% so far this year and the shares have continued to rise in value nearly every day for the past few months. On Monday, the stock closed 1.5% higher.

EQUITIES

US stock futures edge higher on Tuesday ahead of busy earnings week. On Monday, Wall Street ended closed mixed after the release of weaker-than-expected US industrial production data.

OIL

Crude oil prices recovered from the early session losses and trades near the weekly highs, focus shifts to API and EIA inventory data. On Monday, the oil prices ended slightly lower following the release of weak Chinese economic data.

CURRENCIES

In the currency market, the EURUSD rose to a fresh weekly high of 1.1665 supported by the hawkish comments from ECB President Christine Lagarde. Lagarde still expects supply shortages or rising energy prices to be transitory.

GOLD

The safe-haven metal holding the early session gains ahead of FED member speeches. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, the Reserve Bank of Australia released the last meeting minutes on Tuesday. the minutes showed the RBA expects the Australian economy to "return to growth in the December quarter and to its pre-Delta path in the second half of 2022".

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 715,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The king dollar remains under pressure for the second consecutive day. At the time of writing, the index trades below 93.60.

DXY


The important levels to watch for today: Support- 93.30 and 93.10 Resistance- 93.75 and 94.00.

GOLD: The precious metal trades near the $1780 resistance area. If the bullish momentum continues then the next upside level is to watch $1788 and $1795. On the downside, any meaningful pullback now seems to find some support near the $1772 zones, below which the slide could further get extended towards the $1760 region.

gold neww


The important levels to watch for today: Support- 1772 and 1765 Resistance- 1788 and 1795.

Read more- https://gulfbrokers.com/en/daily-market-report-387
 

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The world’s most valuable automaker Tesla (TSLA) is scheduled to announce Q3 earnings results on Wednesday. The company expected to post adjusted earnings of $1.56 per share, on more than $14 billion in revenue. During the third quarter, Tesla deliveries totalled 241,300 electric vehicles, up from 201,250 in Q2 and 184,800 in Q1.

$TSLA stock has increased by 34.7% over the past three months. If the bullish momentum continues the next key resistance area to watch the record high of $900.40 in intraday trading on 25 January 2021.

EQUITIES

US stock futures trading steady on Wednesday while the Chinese shares traded lower after the IMF revised down its 2021 economic growth forecast for Asia to 6.5 percent, down by 1.1 percentage points from its April projection.

OIL

Crude oil prices slightly retreat from the early session gains following the release of API data. The data showed a 3.29-million-barrel increase in US crude inventories.

CURRENCIES

In the currency market, the US dollar continues to trade near the multi-year high against the safe-haven currency Japanese yen. Meanwhile, Commodity-linked currencies such as the Australian and Canadian dollars inched toward recent peaks on Wednesday.

GOLD

The safe-haven metal rose to a fresh weekly high of $1784 on Tuesday. At the time of writing, the metal was trading above $1778. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, US Housing Starts for September came in weaker than expected, falling by 1.6% to an annual rate of 1.555 million and permits by much more, down 7.7% to a 1.589m annual rate.

Coronavirus update:

Worldwide, more than 240 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 49 million cases and has had more than 715,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
For today, the resistance for Euro is around 1.1670. On the other side, the immediate support is at 1.1610 and any break will drag the pair to 1.1590/70 levels.

eurusd


The important levels to watch for today: Support- 1.1610 and 1.1570 Resistance- 1.1640 and 1.1670.

GOLD: The precious metal rebounded back to near the $1780 area. if the bullish momentum continues the next upside levels to watch the $1785 and $1790 zone. On the flip side, the immediate support at $1772 followed by $1765.

gold neww


The important levels to watch for today: Support- 1772 and 1766 Resistance- 1785 and 1790.

Quote of the day- “You will come to know that what appears today to be a sacrifice will prove to be the greatest investment that you will ever make.” Gordon B. Hinkley.

Read more- https://gulfbrokers.com/en/daily-market-report-388
 
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