Market Reports by GulfBrokers - 2023

[syamfx2020]

Global Markets have started the week off quietly because the markets in the UK and Europe remained closed on Monday to mark the Easter Holiday. However, the volatility is expected to pick up later this week due to high-impact economic events like US CPI and FOMC meeting minutes, which will exhibit sharp movements in the global markets.

This week all eyes will be turning to the US inflation data which will give us the latest insight into whether inflation continues to rise further upside. The Bureau of Labor Statistics will release its March inflation data on Wednesday. Economists forecast that US consumer price index (CPI) inflation rose by 5.2 per cent year-on-year in March.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be JPMorgan, Wells Fargo, Citi and Delta Airlines.

GOLD

The safe-haven metal started the new week slightly lower as investors are trading cautiously ahead of Wednesday's release of the consumer price index reading for March, which will provide hints to the Federal Reserve`s plans for future monetary tightening. The US CPI data is the key release this week for gold. However, traders will also be watching the FOMC meeting minutes which are also set to be released on Wednesday.



This week as long as the metal trades above $1980 levels, the medium-term uptrend will remain in place. If the bullish momentum continues the next upside levels to watch are $2020 and $2035/50. On the downside, $2000 is the immediate support level, followed by $1985. Further selling pressure will intensify only if the metal break below the $1974/72 levels.

DOLLAR INDEX

The US dollar index slightly regained momentum on Friday after the release of a mixed US employment report. The data showed hiring slowed in the U.S. economy last month while the unemployment rate unexpectedly edged lower to 3.5%. While the greenback daily chart is still biased to the downside and still possible we will get further downside as the chart has downward pressure.



DXY closed above 102 on Friday. Technically the overall momentum remains mixed. On the downside, 101.40 is the crucial support area to watch. If the pair breaks below 101.40, the slump will quickly extend toward the 101 and 100.80 marks. On the upper side, the first immediate resistance is around 102.30 and then 102.80 and 103.

EURUSD

The currency pair could see a resumption of the upside move this week if the pair holds the current bullish momentum. However, considering the recent strong rebound, the US dollar movement will continue to play a vital role in the Euro's future direction. The main attraction for EURO this week is the German inflation figures and Eurozone retail sales.



Technically the overall momentum remains bullish. However, we can see that the pair slightly reversed from the highs after touching a fresh 2-month high. This week, If the bullish momentum continues the next key resistance area to watch is 1.1000 then 1.1030. On the upper side, If the pair is failed to extend the upside momentum and presses back below 1.0840 then the key support area to watch is 1.0790.

DOW JONES

Dow Jones and other US index futures hardly moved on Friday following the release of US jobs reports due to the holiday-shortened trading week with U.S. markets closed for Good Friday. This week the first quarter of 2023 bank's earnings season is arguably the biggest focus for the Dow traders after the collapse of Silicon Valley Bank and Signature Bank last month.



The Dow remained in a range above 33,000 last week, and the initial bias remains neutral for the upcoming week. The key resistance is located for the dow around 34,000, a break above this level will confirm a possible move to 34,300/500. On the downside, any meaningful pullback now seems to find some support near the 33,300 zones, below which the slide could further get extended towards the 33,900 and then 32,800 regions.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-75

 

[syamfx2020]

Gold price started the second quarter on a strong bullish note. The precious metal surged to a fresh 12-month high of $2030 last week. The strong bullish momentum was driven by the expectations that the US Federal Reserve will slow down its tightening campaign in the coming months.

However, the metal trims a part of its monthly gains and retreats to below the $1985 mark on Monday. The upbeat US monthly employment assists the US Dollar to stage a modest recovery from over a 2-month low touched last week, which, in turn, acts as a headwind for the precious metals. The king dollar regained momentum after the NFP report renewed bets the Fed could move on with another 25bps hike next month.

Moving ahead, this week the safe-haven metal could continue to strengthen due to the rising tensions between Taiwan and China, but the long-term direction of the gold price will depend on the US inflation report which will release on Wednesday. The March US inflation data will likely have a significant effect on gold and other precious metals because the CPI report will hold more clues on the pace and size of future FED rate hikes.

On the other hand, gold traders should also closely watch the release of the International Monetary Fund's global economic growth forecast. IMF will release its updated global economic growth forecast on Tuesday amid concerns over high inflation and financial stability risks.

Will gold price manage to recover from the recent pullback?​

There was a decent rise in gold prices in the last couple of weeks. The metal slowly and steadily climbed higher and broke a major resistance of $2000. If the bulls remain in action, they could soon make another attempt to push the price near the main $2075 resistance area. For the long term, the bulls need a decisive push above the all-time high of $2075, and that won't be easy unless the dollar continues to cool back. The bullish breakout of $2075 will likely push the gold into a new trading zone, which may offer further buying opportunities until $2100 then $2130.



In the short term, $1980 is the immediate support level, followed by $1974. If the metal breaks below $1974, the slump will quickly extend toward the $1965/60 mark. On the flip side, if the precious metal regains upside momentum and breaks above $2000 is likely to push the metal into a new trading zone, which may offer further buying opportunities until $2020/35.

Check out the technical outlook of gold with chart here - https://gulfbrokers.com/en/gold-price-retreats-from-12-month-high-buy-the-pullback

 

[syamfx2020]

The price of the largest cryptocurrency by market cap, Bitcoin (BTCUSD) today finally broke above $30,000 for the first time since June last year. The crypto pair gained more than 6% in the last 24 hours and since the beginning of this year, the $BTCUSD increased by more than 80%. The bitcoin price increase has also had a knock-on effect on other cryptos, with many of them also seeing huge gains in value.

The strong bullish momentum was boosted after the latest US economic data suggesting the Fed may not need to raise rates much further and could even pause the tightening cycle. Moving ahead, traders and investors should closely monitor the release of tomorrow’s US inflation data. A hotter-than-expected inflation figure will force the Fed to keep rates higher for longer, which is ultimately bad for Bitcoin.

EQUITIES

US stock futures extend gains supported by hawkish comments from New York Fed President John Williams. Williams said that the financial system problems that led the Fed to provide large amounts of credit to banks are not collateral damage from the Fed's aggressive effort to reduce inflation. Williams also expects inflation pressures to decrease gradually, saying that inflation will return to its 2 percent target by 2025.

OIL

Crude oil prices settled lower on Monday as markets considered the potential for more economic turmoil this year amid a manufacturing slowdown and rising costs. Moving ahead, global cues such as the FED's stance, US weekly crude inventory report and the US inflation report are expected to drive investors' sentiments in the remaining days of this week.

CURRENCIES

In the currency market, the dollar index, which tracks the greenback against a basket of six major rivals ended slightly higher on Monday supported by the release of a mixed US employment report. USD traders took that as a sign the U.S. central bank is on track to resume hiking interest rates next month. However, the greenback had a strong retreat during the Asian session after lagging to almost 102.80.

GOLD

Gold price recovered from the previous session losses and rebounded back to above $2000. While the metal trades flat after the pullback as investors are in a cautious mood ahead of the US CPI report for further clues on the tightening path, it’s going to be a volatile journey tomorrow, especially the New York session.

Economic Outlook

On the data front, China released the latest inflation data. The consumer Price Index (CPI) in the country increased by 0.7 percent on an annual basis in March, the lowest since September 2021, compared to the market consensus of 1.0%. The Producer Price Index (PPI) decreased by 2.5 percent.

Technical Outlook and Review

EURUSD: The pair holding the early gains against the dollar. if the bullish momentum continues the next upside level to watch is in the 1.0940 and 1.0970 zones. On the flip side, the immediate support at 1.0900 followed by 1.0870.



The important levels to watch for today: Support- 1.0900 and 1.0870 Resistance- 1.0940 and 1.0970.

GOLD: Gold price trades steady above $2000. If the bullish momentum continues the next upside levels to watch for today are $2010 and $2018. On the downside, any meaningful pullback now seems to find some support near the $1995 zones, below which the slide could further get extended towards the $1988/85 region.



The important levels to watch for today: Support- 1995 and 1980 Resistance- 2010 and 2018.

Quote of the day – “Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.” – Warren Buffett.
Read more - https://gulfbrokers.com/en/daily-market-report-646

 

[syamfx2020]

Today again the US economic data completely dominate markets, all eyes will turn to the March US inflation report, which may offer more clarity on whether inflationary pressures eased further in March. The inflation data is set to be released at 12.30 GMT. The consensus is that inflation will fall to 5.2% on an annual basis from February’s 6.0%. On the other hand, investors should closely monitor the release of March Federal Reserve meeting minutes for clues about the Federal Open Market Committee's thoughts about slowing future increases.

EQUITIES

US stock futures trade flat as investors wait for one of the most awaited economic events of the week US consumer inflation figures and FED minutes for new indications. However, the overall momentum remained bullish throughout this week supported by hawkish comments from FED policymakers. Fed official Harker said on Tuesday the US central bank may soon be done raising interest rates as he reiterated that it is committed to bringing inflation down to its 2% target.

OIL

Crude oil futures holding weekly gains despite large U.S. crude inventory build. The API data showed US crude inventories increased by 0.377 million barrels in the week ended April 7th, 2023, following a 4.3-million-barrel fall in the previous week. Moving ahead, the oil traders should closely monitor the release of the EIA inventory report and the FED meeting minutes.

CURRENCIES

In the currency market, the US dollar pairs remain the centre stage of attention ahead of the US CPI report. The dollar index, which tracks the U.S. currency against six major peers remains under pressure as investors looked ahead to inflation data for more clues about the Federal Reserve's next steps. Meantime, Euro gained strong upside momentum against other major peers as investors bet on more interest rate hikes by the European Central Bank.

GOLD

The safe-haven metal extend the rebound and hit a fresh weekly high of $2020 during the Asian session after the International Monetary Fund (IMF) trimmed its 2023 global growth outlook, citing the impact of higher interest rates. While the precious metal reversed from its highs and traded back to near $2010 as investors remain cautious ahead of the CPI report.

Economic Outlook

On the data front, Eurozone retail sales decrease again in February. Retail sales fell 0.8% m/m in February, following an upwardly revised 0.8% growth in January and in line with market expectations.

Moving ahead today, the important events to watch:

US – CPI: 12:30

Canada – BOC interest rate decision and statement: GMT – 14:00

US – FOMC minutes: 18:00

Technical Outlook and Review

EURUSD: For today, If the upside momentum continues then the next upside level is to watch at 1.0970 and 1.1000. On the downside, any meaningful pullback now seems to find some support near the 1.0830 zones, below which the slide could further get extended towards the 1.0780 regions.



The important levels to watch for today: Support- 1.0870 and 1.0830 Resistance- 1.0970 and 1.0990.

GOLD: Technically the overall momentum remained bullish over the last few weeks. On the bullish side, this week the resistance stays above 2030, and a break above this exposes the index to the $2044/50 level. On the flip side, rejection, and pullback from the 2030 resistance allow for a dip towards 2010 and with 2000/1995 forming additional downside targets.



The important levels to watch for today: Support- 2000 and 1980 Resistance- 2020 and 2030.

Quote of the day – I always laugh at people who say, “I’ve never met a rich technician.” I love that! It’s such an arrogant, nonsensical response. I used fundamentals for nine years and got rich as a technician. – Marty Schwartz.
Read more - https://gulfbrokers.com/en/daily-market-report-647

 

[syamfx2020]

The world's biggest luxury group LVMH Moet Hennessy Louis Vuitton posted robust first-quarter financial results on Wednesday. The company which owns the Louis Vuitton and Dior fashion reported a 17% rise in sales in the first quarter of 2023, soaring revenue to 21 billion euros. LVMH’s shares have risen 23 percent since the start of the year.

The company said it saw a “significant rebound” in Asia in Q1, sales in Japan grew 34% compared to the previous year. All business divisions except wines and spirits recorded double-digit gains in the first quarter. However, the US market saw a deceleration in growth, with sales increasing by just 8%.

“LVMH had an excellent start to the year, within a geopolitical and economic environment which remains uncertain,” the French Luxury giant said. While the company spokesperson said that executives were cautiously optimistic about the year ahead.

EQUITIES

Wall Street ended slightly lower on Wednesday due to growing concerns about an economic slowdown. The latest minutes from the March Federal Open Market Committee (FOMC) meeting showed that the Federal Reserve is firmly in the view that the fallout from the banking crisis is likely to tilt the US economy into recession later this year.

On the earnings front, Delta Airlines and Infosys are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures hold strong weekly gains boosted by the weaker dollar. A weaker dollar makes dollar-denominated commodities more affordable for holders of other currencies. While the EIA crude inventory data showed the US crude oil inventories rose by 0.597 million barrels in the April 7th week, 2023, following two consecutive periods of decline and defying with market consensus of a 0.583 million fall.

CURRENCIES

In the currency market, the Australian dollar extended the rebound supported by an upbeat employment report. Australia’s jobs data showed the unemployment rate remains steady at 3.5% with the creation of 53,000 jobs in March. Meantime, the British pound remains steady despite the release of weak UK economic data.

GOLD

The precious metal rallied to a fresh weekly high of $2028. The upside sentiment was lifted after the latest economic data showed that US inflation slowed as much as estimated. Moving ahead to the North American session, gold traders and investors should closely monitor the release of US producer inflation and weekly jobless claims data.

Economic Outlook

On the data front, UK GDP witnessed flat growth in February, which missed expectations. The recent data showed the UK GDP flatlined at 0.0% in February 2023 following an upwardly revised 0.4% growth in January and below forecasts of a 0.1% increase. Industrial production in the UK also dropped 0.2% in February 2023.

Moving ahead today, the important events to watch:

US – PPI: 12:30

US – Jobless claims: 12:30

Technical Outlook and Review

EURUSD: The currency pair finally broke above 1.1000. The next immediate resistance level sits near 1.1035 then 1.1060. On the downside, any meaningful pullback now seems to find some support near the 1.0960 zones, below which the slide could extend further towards the 1.0940/10 region.



The important levels to watch for today: Support- 1.0990 and 1.0960 Resistance- 1.1035 and 1.1070.

GOLD: Technically the current price action signals suggest that the bullish trend remains intact. For today, if the bullish momentum continues the next upside levels watch $2035 and $2040. On the flip side, the immediate support is at $2018 and then $2010.



The important levels to watch for today: Support- 2018 and 2010 Resistance- 2035 and 2040.

Quote of the day – Successful traders always follow the line of least resistance – follow the trend – the trend is your friend.
Read more - https://gulfbrokers.com/en/daily-market-report-648

 

[syamfx2020]

US stocks gained momentum after the latest US CPI report showed that the headline inflation is cooling faster than expected. Inflation in the US fell to an annual 5% in March from 6% in February. Now all eyes are on big Bank's earnings results. Investors and traders across the globe anxiously waiting for the bank's last quarter financial results and projections after last month's crisis triggered by the collapse of two mid-sized US regional banks.

Ahead of quarterly financial reports US banking stocks showed modest gains on Wednesday following the release of inflation data, but the momentum faded later after the release of March FOMC meeting minutes. The minutes from the FED’s last policy meeting indicated that the effects of the U.S. banking crisis are expected to cause the economy to enter a recession later this year.

“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” the FED minutes said.

US Big Banks Q1 earnings preview​

Big banks remain in the spotlight, last week’s data release shows deposit outflows from US banks continued. Wall Street's Q1 2023 earnings season kicks off this week, and 3 big banks JPMorgan, Wells Fargo and Citigroup announce their earnings results before the market opens on Friday, April 14. Other banking giants including Goldman Sachs Group Inc, Bank of America Corp, and Morgan Stanley plan to announce their earnings next week. Let’s go through it in detail.

• The largest bank in the United States by assets, JPMorgan Chase & Co. (NYSE: JPM) expected to post quarterly earnings of $3.25 per share and revenues are expected to be $36.24 billion.
• US banking giant Citigroup (NYSE: C) is expected to post quarterly earnings of $1.70 per share and revenues are expected to be $20.09 billion.
• The San Francisco-based bank Wells Fargo (NYSE: WFC) is expected to post quarterly earnings of $1.13 per share and revenues are expected to be $20.11 billion.
• Bank of America (NYSE: BAC) coming out with its first-quarter numbers on April 18th. $BAC is expected to post quarterly earnings of $0.83 per share and revenues are expected to be $25.28 billion.
• The asset management giant Goldman Sachs (NYSE: GS) earnings release for the first quarter is slated for April 18, before markets open. The company is expected to post quarterly earnings of $8.6 per share and revenues are expected to be $12.72 billion.
• Morgan Stanley (NYSE: MS) is scheduled to report last quarter's financial results on Wednesday, April 19 before the bell. The company is expected to post quarterly earnings of $1.70 per share and revenues are expected to be $14.02 billion.

For the technical outlook check it out here:

 

[syamfx2020]

Global Markets ended last week on a mixed note despite the US banking giants JPMorgan Chase, Wells Fargo and Citigroup reported better-than-expected earnings results. The negative sentiment fueled after the minutes from the FED’s last policy meeting indicated that the effects of the U.S. banking crisis are expected to cause the economy to enter a recession later this year.

This week, Investors and traders should shift their emphasis from economic data to the Q1 earnings season and the comments from the FED policymakers. While important economic news to watch includes Eurozone and UK inflation on Wednesday, the US Philly Fed manufacturing index report and weekly unemployment claims on Thursday and PMI data release from the UK, US, and European countries on Friday.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be Bank of America, Morgan Stanley, Goldman Sachs, Tesla and Netflix.

GOLD

The safe-haven metal retreated sharply from its strongest levels in over a year after the mixed comments from the FED policymakers dented the appeal of bullion. However, the overall momentum remains bullish for the metal despite the recent pullback becasue there are chances the US Federal Reserve may be forced to change its focus away from fighting inflation to maintaining stability due to the current banking and liquidity crisis. For this week, gold investors and traders should closely monitor the comments from the FED policymakers for clues as to their outlook for interest rates.



The metal remains above $2000 despite the retreat, and the initial bias remains neutral for the upcoming week. The key resistance is located for the index around $2032, a break above this level will confirm a possible move to $2050 and $2070. On the downside, any meaningful pullback now seems to find some support near the $1993 and $1985 zones, below which the slide could further get extended towards the $1975 and $1968 regions.

DOLLAR INDEX

The dollar index -- which measures the U.S. dollar's strength against a basket of six influential currencies such as the euro, slightly reversed from a one-year low as chances of a May rate hike increased. For the dollar, no major data is expected on the economic calendar this week, although the US Fed manufacturing index is scheduled later this week and will be important to watch.



Technically the current price action signals suggest that the initial bias remains neutral for the upcoming week. On the downside, the decline is more extensive, and it will be hard to rule out a run towards 101.40 then 101 and 100.80 if it fails to regain upside momentum. On the bullish side, the next immediate resistance stays above 102 then the crucial one is 102.30, and a break above this exposes the Index towards the 102.80/103 levels.

EURUSD

Euro price action remained volatile, appreciated against most currencies last week and it broke above the psycological resistance of 1.10 against the dollar. EURUSD traded with a bid tone for the entire last week, with some weakness seen only on Friday. This week, the movement of the US dollar is likely to significantly affect the currency pair. The latest Eurozone inflation data arrives on Thursday. That's the next piece of major economic news that could alter the ECB's thinking on interest rates.



The currency pair retreated back to below 1.1000 on Friday. On the downside, 1.0935 will act as an initial cushion, any break below this level will open doors to 1.0900 and then 1.0870. On the flip side, a move above 1.1030 again will push the pair into a new trading zone, which may offer further buying opportunities until the 1.1080 and 1.1120 zones.

DOW JONES

Dow Jones and other US key indices ended lower on Friday after a volatile session following the release of the US retail sales report. The retail sales decreased much more than predicted in March, adding to worries about a slowdown in the economy. This week, the Dow traders will now turn their attention to the comments from FED policymakers and Q1 earnings results.



Technically the current price action signals suggest that a short-term bearish trend remains intact. On the downside, the decline is more extensive, and it will be hard to rule out a run towards 33,550 and 33,300/000 if the bearish momentum continues. On the flip side, the USD needs to stay above 34,200 to have a chance to develop upside momentum in the near term. If the index breaks and closes above 34,200, the next upside level to watch is 34,500.

Read more here with charts - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-76

 

[syamfx2020]

Shares of the streaming giant company Netflix (NASDAQ: NFLX) ended slightly lower on Monday ahead of its earnings report. Netflix is set to report financial results for the first quarter today after the market close. The company is expected to post quarterly earnings of $2.86 per share and revenues are expected to be $8.18 billion. While investors are eagerly waiting to know the subscriber numbers after the firm recently introduced the “paid sharing” option. During the fourth quarter, Netflix users increased by 7.66 million, which blew away estimates.

$NFLX technical outlook

In the short term, technically the first nearest support level is located at $326. In case it breaks below this level, it will head towards the next support level which is located at nearly $320. On the upper side, $NFLX is likely to find immediate resistance at $340, if the bulls manage to push the price to break above the $340/41 resistance level, the next target will be at $350 then $358.

EQUITIES

US stock futures trade flat and price action seems to be undecided in the direction. Moving ahead to the North American session, investors should closely monitor the release of US housing data. On the other hand, Investors should also close pay attention today to corporate earnings with some of the biggest companies reporting their earnings. Goldman Sachs, Bank of America and Johnson and Johnson along with Netflix are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures extend the losses during the European session despite the weaker dollar and stronger-than-expected economic data in China. Oil prices reversed from the monthly highs as investors continued to fret about the prospect that major central banks will raise interest rates further to bring down inflation, hurting the outlook for economic growth and oil demand globally.

CURRENCIES

In the currency market, the British pound regained bullish momentum after the release of a mixed UK employment report. The jobs data showed the UK unemployment rate increased slightly to 3.8% in February, while Employment change surprised the upside well-above market expectations at 169K. Euro is pulling back modestly Tuesday Morning while the US dollar index reversed back to below 101.80 after the buyers failed to hold upside momentum.

GOLD

The precious metal managed to recover back to above the key level of $2000 during the initial hour of Tuesday’s European session. However, on Monday the metal showed a lot of volatility and closed with significant losses on expectations that the US Federal Reserve will hike rates again next month.

Economic Outlook

On the data front, China’s economy grew 4.5 percent year-on-year in the first quarter, rebounding after the end of zero-Covid measures late last year, official data showed Tuesday, beating analyst forecasts for a 4 percent expansion. China's retail sales increased by 10.6% in March, easily exceeding market forecasts of 7.4%.

Moving ahead today, the important events to watch:

US – Housing starts and building permits: 12:30

Canada – CPI: 12:30

Technical Outlook and Review

EURUSD: The currency pair can regain upside momentum again, if it rebounds back to above the 1.1000 level, any break and closes above this level the next levels to watch are 1.1035 and 1.1075. Nevertheless, if it continues to drop, the slump will quickly extend toward the 1.0870/50 mark.



The important levels to watch for today: Support- 1.0930 and 1.0900 Resistance- 1.1035 and 1.1070.

GOLD: For gold, the first nearest support level is located at $1993. In case it breaks below this level, it will head towards the next support level which is located near $1985 then 1982. On the upper side, $2010 and then $2014 will act as an immediate and strong hurdle while $2022 will be a critical resistance zone because, above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1993 and 1980 Resistance- 2014 and 2022.

Quote of the day – Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this. – Dave Ramsey.
Read more - https://gulfbrokers.com/en/daily-market-report-649

 

[syamfx2020]

Tesla's stock price remains under pressure ahead of the quarterly earnings release. The Electric vehicle leader Tesla (NASDAQ: TSLA) is scheduled for its first quarter financial results on Wednesday, April 19 after the market close. The company is expected to post quarterly earnings of $0.86 per share and revenues are expected to be $2.3 billion. It will be interesting to see how the company’s first-quarter results look and the impact they could have on the share price.

In the first week of April, Tesla reported the sales numbers for the first quarter. The carmaker company announced record first-quarter deliveries but fell short of Wall Street expectations. Tesla delivered 422,875 electrical car (EV) models, surpassing the company’s previous record of 405,278 in Q4 2022 and the company produced 440,808 vehicles within the first quarter of 2023.

$TSLA key technical levels to watch today:

Support: $176.20 and $170/165

Resistance: $184 and $191.70

EQUITIES

Wall Street come under pressure after the Fed’s policy rate increased bets that the US central bank will raise its lending rate next month by another quarter of a percentage point. The bearish sentiment was also fueled after the streaming giant Netflix released mixed first-quarter financial results. Netflix's revenue and earnings for the first quarter came in roughly in line with the average analyst estimates.

OIL

Crude oil futures remain under pressure as markets struggle to determine when the Fed might pause its monetary tightening to curb high inflation. Today the attention now turns to the EIA weekly crude inventory report, which is set to be released later today. Meantime, the API data showed the US crude inventories fell by 2.675 million barrels in the week that ended April 14th, 2023, above the market expectation of a 2.464 million decline.

CURRENCIES

In the currency market, the British Pound was the clear outperformer in the currency space during the early European session against the US dollar and other currency pairs. The currency pair gained strong bullish momentum after the latest CPI report showed Britain's inflation rate remained above the 10% mark, higher than the forecast of 9.8%. Markets pricing in a 94% probability of a 25bp hike at the May Bank of England meeting, following the latest inflation report.

GOLD

Bears take control of precious metals, especially the gold price. Gold price loses its shine as investors have grown increasingly concerned that the Federal Reserve will continue raising interest rates in coming meetings. As of this writing, the metal trades are below $1975. Moving ahead to the North American session, gold traders and investors should closely monitor the release of the Fed Beige Book.

Economic Outlook

On the data front, Eurozone inflation falls to 6.9% from last October's record high of 10.6 percent, the lowest since February 2022. However, food, alcohol and tobacco inflation rose again to 15.4% and are likely to remain high until the end of the year.

Moving ahead today, the important events to watch:

US – EIA crude inventories: 14:30

US – Beige Book: 18:00

Technical Outlook and Review

EURUSD: The currency pair retreats back to below 1.0930. On the downside, 1.0900 is the key support level, a breakdown through 1.0900 would negate that bias and suggest a test of the 1.0850/40 support regions. On the upper side, the bulls need to see a confirmed break above 1.1000.



The important levels to watch for today: Support- 1.0900 and 1.0880 Resistance- 1.0970 and 1.1000.

GOLD: The precious metal can regain upside momentum again if it rebounds back to above the $2000 level, any break and closes above this level the next levels to watch are $2014 and $2035. Nevertheless, if it continues to fall, the slump will quickly extend toward the $1970 and $1965 marks.



The important levels to watch for today: Support- 1970 and 1965 Resistance- 1985 and 1993.

Quote of the day – “A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate to working smarter. In fact, sometimes it is the other way around.” - Martin Schwartz.
Read more - https://gulfbrokers.com/en/daily-market-report-650

 

[syamfx2020]

Apple opened its first retail store in India, the second-largest smartphone market in the world on Tuesday. The new retail store called Apple BKC is located in India's financial capital Mumbai. As is tradition, huge crowds of eager Apple fans queued in front of the store. The fans finally get to cherish an Apple personalised retail experience after waiting several years for the store to open.

Apple Chief Executive Officer Tim Cook inaugurated the firm’s first retail outlet in India on April 18. “India has such a beautiful culture and an incredible energy, and we’re excited to build on our long-standing history,” Tim Cook said.

Upon entering the store, visitors will encounter the uniquely designed shop, which has two levels, a clean, contemporary design and the store's design is inspired by the city's iconic yellow and black cabs. The new store will offer the latest Apple products and serve as a hub for support and repairs. And like other Apple stores, the store is operationally carbon neutral, running on 100% renewable energy.

Apple launched its online store in India in 2020 but had not opened an official physical shop until now. Until now, Apple has sold its products in India over the Internet or through licensed resellers. More Indian stores will follow the Mumbai store, and a second Apple store in India is set to open in the capital New Delhi on Thursday. In the long term, the company aims to increase its iPhone production in India to between 40% and 45%, moving away from its dependence on China.