DAILY MARKET REPORTS - 2021

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U.S. President Joe Biden announced $2.3 trillion worth of spending to be spread out over an 8-year period including $621 billion for transportation and $580 billion for manufacturing. Biden’s bill includes $111 billion to provide broadband access nationwide and provide better wages and benefits for home care workers.

EQUITIES

US stock futures trading mixed ahead of the Easter break. While European stocks extend higher after better-than-expected German and French Manufacturing data. On the other hand, Chinese shares ended higher despite weaker-than-expected Caixin PMI data.

OIL

Crude oil prices trading sideways ahead of the OPEC meeting results. During the previous session, the black gold slipped despite better-than-expected EIA inventory data. The data showed the US crude oil inventories unexpectedly fell by 0.876 million barrels in the March 26th week.

CURRENCIES

In the currency market, the US dollar index slightly retreated after the index hits a fresh session high of 93.42, the highest level has been since mid-November 2020. The Index fell near to 93 areas during the North American session on Wednesday following the mixed US macro-economic data.

GOLD

The safe-haven metal trading steady above $1710 after the yields on the US 10-year Treasury note retreated to 1.70%. Moving ahead to the North American session, the Gold investors should closely monitor the US jobless claims and ISM data.

Economic Outlook

On the data front, Eurozone Manufacturing PMI was revised higher to 62.5 in March 2021 while German Manufacturing PMI came at 66.6 in March of 2021 from 60.7 in February.

On Wednesday, the US released the ADP employment and pending home sales data. The US private-sector employers added 517K jobs in March as compared to the previous month's upwardly revised reading of 176K. Meanwhile, the Pending home's sales in February plunged 10.6%, the sharpest decline in almost a year.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US – ISM manufacturing PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 128 million people have been confirmed infected and more than 2.8 million have died. The United States has confirmed over 31.09 million cases and has had more than 564,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair struggling to find the upside momentum. The important levels to watch this week 1.1680 and 1.1760.

eurusd


The important levels to watch for today: Support- 1.1700 and 1.1680 Resistance- 1.1760 and 1.1790.

GOLD: The yellow metal rebounded after it found support just ahead of the March 8 low at $1,677.10. Overall, the momentum remains bullish throughout the European session.

gold neww


The important levels to watch for today: Support- 1708 and 1700 Resistance- 1720 and 1726.

Quote of the day: Risk no more that you can afford to lose, and also risk enough so that a win is meaningful. – Ed Seykota.

Read more- https://gulfbrokers.com/en/daily-market-report-277
 

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The British pound trading strong against the US dollar and Euro on Monday boosted by the fastest vaccination figures in the UK. In the UK, the number of people vaccinated passes 5 million. On Saturday, the country reported the lowest number of daily Covid deaths since mid-September.

“We've reached another milestone in our vaccination program, with over five million people now having received their second jab,” UK Prime Minister Boris Johnson said.

On the other hand, India’s Health Ministry reported the highest daily spike in cases, more than 100k and the country's total number of cases 12.5 million Monday.

EQUITIES

US stock futures started the new week on a positive note supported by the robust US employment data and faster vaccination. Meanwhile, the markets in China, UK and Europe remain closed due to Easter Monday.

OIL

Crude oil prices trading unchanged on Tuesday due to lack of volume as several markets are still closed due to the Easter holidays. During the last week, the OPEC+ agreed to slowly ease some of its production cuts between May and July.

CURRENCIES

In the currency market, the US dollar trading steady above 93 during the European session after a slight correction last Friday. Overall, the momentum remains bullish supported by the upbeat U.S. employment report.

GOLD

The safe-haven metal struggling to find the upside momentum after last week's strong U.S. employment report. Moving ahead to the North American session, the gold investors should closely monitor the release of the ISM Services PMI, which is set to be released at 14:00 GMT.

Economic Outlook

On the data front, on Friday the US Labor Department released the strong March NFP data. The data showed an increase in the number of nonfarm payrolls in March by 916K, after rising by 468K in the previous month. Meanwhile. the Unemployment rate fell from the previous month’s 6.2% to 6.0% in March.

This week the main highlights of the economic calendar will be the release of the RBA Interest rate decision, FOMC and ECB meeting minutes and the UK, US, and Europe Services PMI data.

Coronavirus update:

Worldwide, more than 131.2 million people have been confirmed infected and more than 2.85 million have died. The United States has confirmed over 30 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 slightly retreated from the Friday highs after the US dollar Index rebounded back to above 93.

eurusd


The important levels to watch for today: Support- 1.1730 and 1.1700 Resistance- 1.1765 and 1.1790.

GOLD: The yellow metal trading weaker below $1730 supported by $1720. Today, gold is again expected to face resistance around $1736 along with support around $1720 and $1714.

gold neww


The important levels to watch for today: Support- 1720 and 1714 Resistance- 1730 and 1736.

Quote of the day: If you have trouble imagining a 20% loss in the stock market, you should not be in stocks – John C. Bogle.

Read more- https://gulfbrokers.com/en/daily-market-report-278
 

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The EUR/USD slightly retreated from the daily highs after the Eurozone unemployment rate came above the forecasts. The unemployment rate came at 8.3% in February 2021, above market expectations of 8.1%.

EQUITIES

Wall Street ended higher on Monday boosted by strong ISM service PMI data, both Dow Jones and S&P500 surged to record closing highs overnight. The ISM Service PMI for March rose from 55.3 to 63.7 points and Markit Service PMI increased slightly, from 60.0 to 60.4 points.

OIL

Crude oil prices recovered from the previous session losses. On Monday, the oil prices plunged worries about rising oil supply receded amid a further easing of lockdown restrictions in the UK.

CURRENCIES

In the currency market, the commodity currencies Australian dollar fell to a fresh week low following the bearish comments from RBA governor Philip Lowe. Meanwhile, the US dollar Index struggling to find the upside momentum after the index falls back to below 93.00 psychological level.

GOLD

The safe-haven metal climbed to a fresh weekly high of $1738 on Tuesday supported the slow vaccine rollouts in Europe and rising COVID-19 cases in India and Brazil.

Economic Outlook

On the data front, RBA holds the cash rate steady at a record low of 0.10%. “The board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.” RBA governor Mr Lowe said in the statement. "The board does not expect these conditions to be met until 2024 at the earliest," Mr Low added.

Coronavirus update:

Worldwide, more than 131.2 million people have been confirmed infected and more than 2.85 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 steady above 1.1800 after the US Dollar gives back some of the previous week gains.

eurusd


The important levels to watch for today: Support- 1.1780 and 1.1740 Resistance- 1.1820 and 1.1840.

GOLD: The yellow metal trading weaker below $1740 supported by $1720. Today, gold is again expected to face resistance around $1744 along with support around $1720 and $1714.

gold neww


The important levels to watch for today: Support- 1730 and 1720 Resistance- 1738 and 1744.

Quote of the day: The markets are unforgiving, and emotional trading always results in losses- Alexander Elder.

Read more- https://gulfbrokers.com/en/daily-market-report-279
 

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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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China consumer price index (CPI) increased by 0.4 percent year on year in March, data from the National Bureau of Statistics (NBS) showed Friday. Meanwhile, on a month-over-month basis, the inflation declined to -0.5% from 0.6%. On the other hand, the producer prices rose by 4.4 percent year-on-year in March, increased from a 1.7 percent gain in the prior month.

EQUITIES

Wall Street ended higher on Thursday following the bullish comments from the FED chair Jerome Powell. While Chinese shares ended lower on Friday after mixed inflation data and the tensions over Taiwan after a US warship sailed close to the Chinese-claimed island.

OIL

Crude oil prices struggling to find the upside momentum on renewed concerns about global fuel demand after a number of coronavirus cases increasing across Europe and India.

CURRENCIES

In the currency market, the British pound slightly rebounded from the early session lows after better-than-expected UK house price index data. During the early session, the currency pair hit a new weekly low of 1.3670 over rising worries about the AstraZeneca vaccine.

GOLD

Gold price retreated back to below $1750 on Friday. The safe-haven metal climbed to a fresh weekly high on Thursday after the disappointing US jobless claims data.



Economic Outlook

On the data front, the German industrial production fell by 1.6 percent in February of 2021, compared to market forecasts of a 1.5 percent increase.

On Thursday, the US released the weekly jobless claims data. The data showed the jobless claims increased to 744,000, against the 680,000 claims in forecasts.

Moving ahead to the North American session, the investors should closely monitor the latest US PPI

numbers for March and the Canada employment report.

Coronavirus update:

Worldwide, more than 133.7 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.9 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD:
The currency pair slightly rebounded from the short-term demand zone. At the time of writing, the pair trades above 1.3700.

euraud


The important levels to watch for today: Support- 1.3670 and 1.3640 Resistance- 1.3710 and 1.3740.



GOLD: The yellow metal reversed from the previous session highs. Meanwhile, the overall momentum remains bullish for this whole week.

gold neww


The important levels to watch for today: Support- 1740 and 1736 Resistance- 1750 and 1756.

Quote of the day: if you can’t take a small loss, sooner or later you will take the mother of all losses – Ed Seykota.

Read more- https://gulfbrokers.com/en/daily-market-report-282
 

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The Currency pair formed inverted head and shoulder on 4hr. So if the pair holds above 0.9520 we may see a pullback to 0.9590 then 0.9630/60. On the flip side break below 0.9520, the next level to watch 0.95/0.9480.

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February Eurozone retail sales reported stronger than expected. The sales rose 3.0% percent after a 5.2 percent slump in January and compared with market expectations of 1.5 percent growth. The EURUSD bounced back above 1.1900 following the strong retail sales data.

EQUITIES

US stock futures and European shares started the new week on a positive note boosted by strong macro-economic data and the positive comments from Fed Chair Jerome Powell. "We feel like we're at a place where the economy's about to start growing much more quickly and job creation coming in much more quickly," Powell said.

OIL

Crude oil prices recovered from the early session losses. This week the investors continue to follow the oil inventory report from the API and EIA and the US inflation data.

CURRENCIES

In the currency market, the British pound rebounded after in the UK the pubs, gyms, and all reopening from Monday in some capacity. While the US dollar Index bearish momentum continues for the second consecutive week.

GOLD

Gold price trading steady above $1740 on Monday. On Friday, the safe-haven metal retreated from the fresh monthly high after better-than-expected US PPI data and the strong rebound in US Treasury yields.

Economic Outlook

This week the main highlights of the economic calendar will be the release of the US banks earnings, Inflation data from the US, Germany, and Eurozone and the RBNZ interest rate decision.

Coronavirus update:

Worldwide, more than 136.1 million people have been confirmed infected and more than 2.9 million have died. The United States has confirmed over 31 million cases and has had more than 562,000 deaths from COVID-19, the highest totals in the world. Meanwhile, Covid cases continue to fall in the UK with 1730 new daily cases on Sunday, down 25% from the previous week

Technical Outlook

GBP/USD:
The British pound once again found strong buyers near the previous week low 1.3670. At the time of writing, the currency pair trades above 1.3760.

euraud


The important levels to watch for today: Support- 1.3710 and 1.3670 Resistance- 1.3780 and 1.3810.

GOLD: The yellow metal trading below the short-term resistance level $1745 supported by $1730. Today, gold is again expected to face resistance around $1750 along with support around $1730 and $1720.

gold neww


The important levels to watch for today: Support- 1735 and 1730 Resistance- 1745 and 1750.

Quote of the day: “In many ways, the stock market is like the weather in that if you don’t like the current conditions all you have to do is wait a while.” – Low Simpson.

Read more- https://gulfbrokers.com/en/daily-market-report-283
 

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UK GDP increased by 0.4% following a 2.2% decline in January while the figures missed the market estimates of 0.6%. On the other hand, UK manufacturing and industrial production numbers came better-than-expected. The British pound rose to a fresh session high of 1.3764 after the release of economic data.

EQUITIES


US stock futures and European stocks trading steady ahead of the US inflation data. Meanwhile, Chinese shares ended mixed after weaker-than-expected Chinese Exports and trade balance data.

OIL

Crude oil prices slightly retreated from the previous session high. On Monday, the oil prices bounced after Houthi rebels once again launched missile attacks on Saudi Arabian oil facilities.

CURRENCIES

In the currency market, the New Zealand dollar trading lower ahead of the RBNZ interest rate decision. The Euro hovers near the psychological level of 1.19 while the Dollar Index struggling to find the upside momentum.

GOLD

The safe-haven metal trading lower for the second consecutive day after the Federal Reserve signaled the U.S. economy may soon rebound as vaccinations accelerate. The United States has fully vaccinated more than 70 million people.

Economic Outlook

On the data front, China exports came at 30.6% in March, slower than the forecast of 35.5% while imports increased 38.1%, better-than-expected growth of 23.3%

Moving ahead to the North American session, the investors and traders will closely monitor the US inflation figures which is set to be released at 12.30 GMT.


Coronavirus update:

Worldwide, more than 136.2 million people have been confirmed infected and more than 2.9 million have died. The United States has confirmed over 31 million cases and has had more than 562,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

DOLLAR INDEX:
The currency pair trading unchanged ahead of US CPI data. While the overall momentum remains bearish.

DXY


The important levels to watch for today: Support- 92 and 91.60 Resistance- 92.30 and 92.50.



GOLD: The yellow metal trading weaker below $1730 supported by $1720. Today, gold is again expected to face resistance around $1736 along with support around $1720 and $1714.

gold neww


The important levels to watch for today: Support- 1720 and 1714 Resistance- 1730 and 1736.

Quote of the day: “Wall Street sells stocks and bonds, but what it really peddles is hope.” - Jason Zweig.

Read more- https://gulfbrokers.com/en/daily-market-report-284
 

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The New Zealand dollar climbed to a new fresh week high of 0.7115 on Wednesday after the RBNZ meeting. The central bank left the key benchmark rate unchanged at 0.25%, reassuring that it is ready to lower rates further if needed. RBNZ Monetary Policy Committee noted the continued uncertainty in the global economy amid still strong epidemiological risks and existing restrictions on tourism and supply.

EQUITIES

Wall Street ended mixed on Tuesday after US FDA’s advisory on halting coronavirus vaccinations with the Johnson & Johnson vaccine. Meanwhile, Nasdaq 100 index reached a new record high supported by the tech stocks rally.

Today the investors are eagerly waiting for the listing of the most anticipated IPO of this year Coinbase on the Nasdaq exchange under the ticker symbol "COIN".

OIL

Crude oil prices trading higher on Wednesday boosted by better-than-expected API inventory data and OPEC monthly report. OPEC monthly report showed an improved world oil demand outlook. According to the latest API report, the crude inventories in the US fell by 3.608 million barrels in the week ended April 9th of 2021.

CURRENCIES

In the currency market, the EURUSD trading steady above 1.1960 ahead of ECB President Lagarde's speech. While the British pound rebounded back to above 1.38 after the pair once again found strong buyers below 1.3700.

GOLD

The safe-haven metal climb to a fresh session high of $1748 on concerns of imminent Fed tapering after a spike in March U.S. consumer inflation.

Economic Outlook

On the data front, US inflation increased by 2.6% in March from 1.7% in Feb. On the other hand, the Investor sentiment in Germany dropped in April, falling to 70.6 from the last reading of 76.6.

Moving ahead to the North American session, the investors and traders will closely monitor the speech from ECB President Christine Lagarde and Fed Chair Jerome Powell.

Coronavirus update:

Worldwide, more than 136.2 million people have been confirmed infected and more than 2.9 million have died. The United States has confirmed over 31 million cases and has had more than 562,000 deaths from COVID-19, the highest totals in the world. India reports 161,736 new cases for the past 24 hours, slightly down from the record 168,912 of the previous day.

Technical Outlook

EUR/USD:
The currency pair surged to a fresh session high of 1.1972 after the US dollar index break below the 92 areas.

eurusd


The important levels to watch for today: Support- 1.1930 and 1.1900 Resistance- 1.1980 and 1.2010.

GOLD: The yellow metal rebounded from the previous session low after the US inflation data. Overall, momentum remains bullish throughout the European session.

gold neww


The important levels to watch for today: Support- 1736 and 1730 Resistance- 1750 and 1760.

Quote of the day: Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment - Joe Vidich.

Read more- https://gulfbrokers.com/en/daily-market-report-285
 
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