DAILY MARKET REPORTS - 2021

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Dow Jones ended record high on Tuesday on hopes that US lawmakers will pass a $1.9 trillion COVID-19 relief aid this month and strong Q4 earnings results. The recent rally also supported by bullish comments from the Janet Yellen, the US treasury secretary, she said the US economy could return to full employment next year if President Biden’s $1.9 trillion relief package is passed.

According to US President Joe Biden, the size of the stimulus checks of $ 1,400 is non-negotiable, but some parts of the bill could be negotiated. The stimulus bill is expected to be approved by March 15 if the Republican Party does not go along with new Democratic President Joe Biden.

During the last week, the main stock market indexes rose the most since November with the Dow Jones increased by more than 4%, its biggest one-week gain since the week ending Nov. 6.

Apart from this, investors keep an eye on the development of COVID-19 vaccination around the world. Recently the WHO said, the number of people in the world who have been vaccinated against the coronavirus so far has surpassed the number of people being infected by the virus.

cruse


The technical scenario is absolutely bullish after the price break above 31,000 zones and overall the movement remained bullish throughout this week. While considering the recently bullish rally the Dow may find strong resistance in the area of 31,800 where the price has strong resistance. On the downside, in the short-term the first immediate support at 31,270 followed by 31,000/30,950.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

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Asian markets trading unchanged due to the China New Year holidays. Chinese shares closed for a week-long holiday from Thursday with trade resuming on Feb. 18. While Hong Kong markets are set to reopen on Tuesday next week.

EQUITIES

On Wednesday, the Wall Street slightly retreated from the highs following the weaker-than-expected Inflation data and bearish comments from Federal Reserve Chairman Jerome Powell. He said monetary policy needs to stay “patiently accommodative” to support labour market challenges.

On the earnings front, PepsiCo (NASDAQ: PEP) and AstraZeneca (NASDAQ: AZN) reporting earnings today before the bell while Walt Disney (NYSE: DIS) and Dexcom (NASDAQ: DXCM) is scheduled to report results after the market close.

OIL

Crude oil price ended higher on Wednesday supported by better-than-expected EIA inventory data. The data showed that US crude oil stocks fell by 6.6 million barrels in the week ended February 5.

CURRENCIES

In the currency market, the British pound retreated from the highs ahead of UK GDP data that will come out tomorrow.

GOLD

The gold price trading in a range between $1832 support and $1855 resistance. During the previous session, the metal rose to a fresh weekly high of $1855 boosted by the dovish comments from the Fed Chair Powell.

Economic Outlook

On the data front, the U.S. Consumer Price Index for January came in lower than expected. The CPI came at 1.4% in January of 2021, the same as in December and slightly below market forecasts of 1.5%, meanwhile, the Core CPI dropped to 0.0% against the projected 0.2%

Coronavirus update:

Worldwide, more than 107 million people have been confirmed infected and more than 2.34 million have died. The United States has confirmed over 27.1 million cases and has had more than 469,400 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading steady above 1.2130 on Thursday. If the bullish momentum continues the next upside levels to watch 1.2180 and 1.2210.

eurusd


The important levels to watch for today: Support- 1.2110 and 1.2080 Resistance- 1.2160 and 1.2200.

GOLD: The yellow metal trading steady above $1840 ahead of US jobless claims data. Overall, the momentum remains bullish throughout the European session.

gold neww


The important levels to watch for today: Support- 1837 and 1830 Resistance- 1848 and 1860.

Quote of the day: Investing money is the process of committing resources in a strategic way to accomplish a specific objective – Alan Gotthardt.

Read more- https://gulfbrokers.com/en/daily-market-report-258
 

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Walt Disney (NYSE: DIS) shares rose about 3% in after-market trading and reached a new all-time high of $193.89 after the company surprised Wall Street with the last quarter financial results. Disney+ subscribers totalled 94.9 million at the end of the quarter, more than double the subscriber base a year ago.

  • Earnings per share (EPS) $.32 vs. -$.41 expected
  • Revenue $16.25 billion vs. $15.9 billion expected
“We’re confident that, with our robust pipeline of exceptional, high-quality content and the upcoming launch of our new Star-branded international general entertainment offering, we are well-positioned to achieve even greater success going forward.” CEO, Bob Chapek said.

EQUITIES

Global stocks trading mixed on Friday as U.S.-China Tension rises again. On Thursday, US president Joe Biden said he spoke Wednesday with Chinese President Xi Jinping for two hours. "If we don't get moving, they're going to eat our lunch," Biden warned the senators after the two hours conversation.

OIL

Crude oil prices retreated from the 13-month highs after both OPEC and EIA revised down their fuel demand outlook for 2021.

CURRENCIES

In the currency market, the British pound trading below 1.3700 following on weaker economic data. While the US dollar slightly rebounded from the fresh monthly lows supported by better-than-expected US jobless claims data.

GOLD

The gold price slipped to near the weekly lows after the US dollar trades higher for the second consecutive day. Overall, the movement remains bearish throughout the European session.

Economic Outlook

On the data front, the UK GDP rose 1% in the fourth quarter following 16.1% growth in the third quarter. On the other hand, UK manufacturing production fell 2.5% year-on-year in December of 2020, following a downwardly revised 2.6% fall in November.

On Thursday, the U.S. Labor Department released the weekly jobless claims data. The data showed that U.S. initial jobless benefit claims in states fell to 793,000 from revised 812,000 in early February.

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 107.5 million and more than 2.35 million have died. The United States has confirmed over 27.3 million cases and has had more than 472,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar index:
The greenback once again found strong buyers above the psychological area 90. At the time of writing, the index trading steady above 90.50

DXY


The important levels to watch for today: Support- 90.20 and 89.90 Resistance- 90.70 and 91.00.


GOLD: The yellow metal below the $1820 during the European session. If the bearish momentum continues the next downside levels to watch $1806 and $1800.

gold neww


The important levels to watch for today: Support- 1806 and 1800 Resistance- 1820 and 1826.

Quote of the day: What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower – William O’Neil.

Read more- https://gulfbrokers.com/en/daily-market-report-259
 

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The markets in the U.S. will be closed on Monday in observance of the President's Day holiday. Foreign financial markets are open Monday and currency markets are expected to remain open for trading.

EQUITIES

Global stocks started the new week on a positive note supported by a strong Q4 earnings report and prospects of additional fiscal stimulus in the US. On Friday, President Biden appealed to a bipartisan group of local officials for their support in passing his proposed $1.9 trillion stimulus package.

OIL

Crude oil prices climbed to a fresh year high on Monday lifted by the rising tensions between the Iran-backed Houthis rebels and Saudi Arabia.

CURRENCIES

In the currency market, the EURO trading steady above 1.2130 on Monday. The key data for Euro for this week will once again be the FOMC as we get the latest minutes from their most recent meeting, German ZEW Economic Sentiment on Tuesday and Eurozone manufacturing & services PMI Figures on Friday.

GOLD

The safe-haven edged lower on Monday as a slowdown in the rate of coronavirus infections, and risk appetite improved. The metal also faced bearish pressure after the benchmark US Treasury yields soared to an almost 11-month high on Friday.

Economic Outlook

This week the main highlights of the economic calendar will be the retail sales data from the US, UK and Australia, FOMC and RBA meeting minutes and inflation data from the UK.

The other main attraction for this week Investors waiting for Wal-Mart earnings report. The world's biggest retailer will announce its holiday season results on Thursday.

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 108.6 million. The United States has confirmed over 27.5 million cases and has had more than 484,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD:
The Pound enjoying the upside rally. The price crossed 1.3900 resistance level on Monday European session. The next important level to watch 1.3920 and 1.3940.

euraud


The important levels to watch for today: Support- 1.3860 and 1.3830 Resistance- 1.3920 and 1.3950.

GOLD: The yellow metal trading weaker below $1820 supported by $1800. Today, gold is again expected face resistance around $1,832 along with the support around $1806 and $1800.

gold neww


The important levels to watch for today: Support- 1806 and 1798 Resistance- 1826 and 1832.

Quote of the day: If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money – Bill Lipschutz.

Read more- https://gulfbrokers.com/en/daily-market-report-260
 

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The UK has given the first dose of coronavirus vaccine to almost a quarter of the population, the Britain Government data showed the total receiving first vaccines doses was 15 million. Britain has reported over 117,000 virus-related deaths, the highest pandemic toll in Europe. Meanwhile, UK prime minister Boris Johnson will set out on February 22 the government's plans to end the lockdown. He has said he wants schools to reopen on March 8.

EQUITIES

European and UK shares closed higher on Monday amid optimism about rapid economic recovery. On Tuesday, US futures slightly retreated from the early session highs because of renewed tensions between the US and China.

OIL

Crude oil price slightly retreated from the highs after it closed fresh year high on Monday by hopes for global economic recovery and lower supplies from OPEC+ countries.

CURRENCIES

In the currency market, the commodity currencies leading the gains supported by higher oil. On the other hand, the British pound climbed to a fresh year high on Tuesday lifted by the UK's successful COVID-19 vaccination programme and lessening expectations of negative interest rates.

GOLD

The safe-haven struggling to find an upside momentum as the risk sentiment in global markets improves over-optimism related to the ongoing mass vaccination efforts in the UK and US.

Economic Outlook

On Tuesday, during the Asian session, the RBA released the minutes of its February policy meeting. "In Australia, the economic recovery was well underway and had been stronger than expected previously," the minutes said. RBA also noted that consumption growth is still expected to remain positive in the coming months, and while wage growth has fallen to its lowest level in at least two decades.

Moving ahead today, the important events to watch:

Germany – ZEW economic sentiment: GMT – 10.00

Eurozone – GDP: GMT – 10.00

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 108.9 million. The United States has confirmed over 27.6 million cases and has had more than 485,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD
: The British pound rose to fresh weekly high after USD gives back some of the gains. The pair currently trading below 1.3920 levels after climbed to near 1.3950 on Tuesday morning session.

euraud


The important levels to watch for today: Support- 1.3900 and 1.3860 Resistance- 1.3950 and 1.3990.

GOLD: The yellow metal hovers near the short-term support of $1818 on Tuesday. During the previous session, the metal closed slightly higher but failed to break above the $1830 zone.

gold neww


The important levels to watch for today: Support- 1810 and 1798 Resistance- 1826 and 1834.

Quote of the day: Given the nature of the market, the chance of a crash is always greater than the chance of an overnight runaway euphoria.

Read more- https://gulfbrokers.com/en/daily-market-report-261
 

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UK and European shares slip lower on Wednesday after mixed corporate earnings results and amid growing concerns over rising bond yields in the US.

EQUITIES

Wall Street expected to open lower on Wednesday as the investors awaiting approval of the USD 1.9 trillion economic support package previously proposed by Joe Biden.

On the earnings front, Shopify (NYSE: SHOP) and Wix.com (NASDAQ: WIX) reporting earnings today before the bell while Twilio (NYSE: TWLO) is scheduled to report results after the market close.

OIL


Crude oil price recovered from the previous session lows supported by the progress on coronavirus vaccine rollouts and the slowing pace of infections in Europe and the US.

CURRENCIES

In the currency market, the US Dollar Index remained steady above 90.70 ahead of US retail sales data. While the British pound slightly trading weaker on Wednesday, during the previous session the pair has hit its highest level since April 2018.

GOLD

The safe-haven metal extends lower after the US dollar rebounded from the weekly session lows. The recent Dollar rally supported by the sharp upsurge witnessed in the US Treasury bond yields.

Economic Outlook

On the data front, the UK Consumer Prices Index crept increased by 0.7% in January from 0.6% in December – exceeding inflation forecasts of 0.5% for the month.

On Tuesday, the German economic data showed the ZEW Economic Sentiment in February increased from 58.3 to 69.6 points, while analysts expected a further decline to 57 points. Meanwhile, the last quarter Eurozone GDP came in at -0.6%, against the expectations of -0.7%.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 13.30

US – FOMC meeting minutes: GMT – 19.00

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 109.3 million. The United States has confirmed over 27.7 million cases and has had more than 487,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading lower on Wednesday. At the time of writing, the pair hovers near the short-term support area 1.2060.

eurusd


The important levels to watch for today: Support- 1.2050 and 1.2000 Resistance- 1.2100 and 1.2130.

GOLD: The yellow metal touched a fresh weekly low of $1784 on Wednesday. If the bearish momentum continues the next downside levels to watch $1770/65.

gold neww


The important levels to watch for today: Support- 1774 and 1770 Resistance- 1796 and 1800.

Quote of the day: I made my first investment at age eleven. I was wasting my life up until then- Warren buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-262
 
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