Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

Coinbase (NASDAQ: COIN), is one of the world’s most popular cryptocurrency trading platforms. The company Founded in 2012, Coinbase has maintained its stronghold on the crypto market. The US-based crypto platform enables users to create their own cryptocurrency wallets and start buying or selling cryptocurrency by connecting with their bank accounts.

$COIN launched its initial public offering through a direct listing in April 2021. Shares of Coinbase is down more than 60% since its IPO launched last year. On Monday, the stock closed at $161, slightly above the all-time low of $155.95.

Recently, Coinbase’s chief executive says that the crypto exchange platform doesn’t have plans to ban all of its Russian users. "We are not preemptively banning all Russians from using Coinbase," Armstrong tweeted. "We believe everyone deserves access to basic financial services unless the law says otherwise."

Coinbase Q4 earnings review

Coinbase announced the fourth quarter of earnings on February 24. Following the earnings in the fourth quarter of the company announcement, shares slipped during after-hours trading despite the company reported better-than-expected financial results. During the last quarter, the monthly transaction users also increased from 7.4 million in the third quarter to 11.4 million. Meanwhile, the company expects Q1 of 2022 to slow down, citing decreased crypto asset volatility.

• Earnings per share (EPS) $ 3.32 vs. $ 1.85 expected
• Revenue $2.5 billion vs. 1.9 billion expected

“2021 was a remarkable year for Coinbase and the cryptoeconomy, we anticipate massive industry growth to continue over the long term, which informs our 2022 investment plans.” – Coinbase Global.

$COIN: Is it time to buy below $160 or wait?

The daily chart shows that the $COIN stock price has been in a strong sell-off in the past few months and overall movement remains bearish. Nevertheless, buying it here makes sense especially if the intention is to hold it for long-term because we cannot rule out a situation where the stock will eventually bounce back to above $250.

Read more here - https://gulfbrokers.com/en/is-coinbasecoin-a-good-long-term-buy

 

[syamfx2020]

Shares of Bumble (NASDAQ: BMBL) jump 19% in extended trading on Tuesday after the Texas-based company reported mixed Q4 financial results. The company's total revenue for the last quarter was $208.2 million, up 26% year-over-year. The strong revenue growth for the last quarter was supported by the continued consumer engagement on its dating-app platforms.

• Earnings per share: $-0.08 vs. $-0.02 expected
• Revenue: $208.2 million vs. $209.56 million expected

"We are pleased to deliver another quarter of strong revenue and adjusted EBITDA growth and are excited to add Fruitz to our family of global, market-leading apps,” Bumble COE, Whitney Wolfe Herd said.

Bumble is remaining the third position among the leading dating apps globally. The company went public in February of 2021. The dating app differentiates itself from competitors by requiring women to make the first move. Bumble app paying users reached 1.6 million in Q4. Meanwhile, the company said they are removing all of its apps from the Apple App Store and Google Play Store in Russia and Belarus.

Read more here - https://gulfbrokers.com/en/dating-app-bumble-stock-spikes-after-q4-earnings

 

[syamfx2020]

US President Joe Biden announced a ban on US imports of Russian oil on Tuesday at a White House press conference. Biden said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.

“We are banning all imports on Russian gas and energy. That means Russian oil will no longer be accepted at US ports, and the American people will deal another powerful blow to Putin’s war machine,” US President Joe Biden said.

EQUITIES

Global equities have calmed down on Wednesday morning after Russia agreed to provide humanitarian corridors to evacuate stranded civilians from the war zones. On the other hand, Ukrainian President Volodymyr Zelenskyy on Tuesday said that he is no longer pressing for membership of the North Atlantic Treaty Organization, or NATO, membership for his country.

OIL

Crude oil prices reached new highs on Tuesday after US President Joe Biden announced, the Biden administration will ban all imports of Russian oil, gas, and energy. Meanwhile, the API crude inventory data showed the U.S. crude inventories increased by 2.8 million barrels for the week ended March. 2.

CURRENCIES

In the currency market, the EURUSD attempted to bounce further upside on Tuesday, but it failed to extend above the 1.1950 resistance area as the Euro traders waiting for tomorrow’s ECB decision. The British pound remains under pressure against the US dollar. At the time of writing, the currency pair hovers near the 1.3110 area.

GOLD

The safe-haven metal slightly retreats from the previous session highs after the metal failed to break above the August 2020 highs. However, the overall momentum remains bullish throughout the European session.

Economic Outlook

On the data front, China's consumer price index increased by 0.9% YoY in Feb and the producer price index grew 8.8% YoY in Feb, lower from the 9.1% growth in Jan, data from the National Bureau of Statistics showed Wednesday.

Moving ahead today, the important events to watch:

US – JOLTS job openings: GMT – 15.00

US –EIA crude inventories: GMT – 15.30

Coronavirus update:

Worldwide, more than 440 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 79 million cases and has had more than 950,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: The currency pair trades steady above 1.0930. However, Bulls will need to regain the 1.0960 level if they want to continue their ascent towards 1.10.

The important levels to watch for today: Support- 1.0900 and 1.0870 Resistance- 1.0960 and 1.0990.

GOLD: For today, the first nearest support level is located at $2020. In case if it breaks below this level, it will head towards the next support level which is located at near $2000 then $1990. On the flip side, the immediate resistance is at $2050 then $2070.

The important levels to watch for today: Support- 2020 and 2000 Resistance- 2050 and 2070.

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-460

 

[syamfx2020]

The Euro and European shares ended higher on Wednesday ahead of the European Central Bank meeting. The ECB Monetary Policy Statement is set to be released at 12:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 13:30.

The recent comments from the ECB officials indicate that the ECB had been on its way to announcing the first steps of a policy normalisation at the March meeting. However, several market participants expect the central bank might delay rate hikes until late in the year as the policymakers remain concerned about the economic impact of the war in Ukraine.

EQUITIES

Wall Street and global equities ended higher on Wednesday following the positive comments from Russia's foreign minister Sergei Lavrov and Ukrainian President Volodymyr Zelenskyy. Russia also announced a new ceasefire in Ukraine on Wednesday to let civilians flee besieged cities.

OIL

Crude oil prices reversed from 2008 highs after the president of Ukraine indicated he's open to discussing a compromise with Russia Meanwhile, UAE said it will be encouraging OPEC to consider higher output to ease the turmoil in the energy markets.

CURRENCIES

In the currency market, The EURUSD trades steady above 1.1050 on Thursday, focus shifts to the ECB decision. The dollar index, which tracks the U.S. currency against six major peers retreats back to below 98.00 from the two-year peak while the safe-haven yen slipped to a one-month low of 116 per dollar.

GOLD

The safe-haven metal as the situation in Ukraine has been relatively calm for the past 2 days, as humanitarian corridors are now opened to evict civilians of battling zones and cities. On Wednesday, Russia said it prefers to ensure Ukraine's neutral status through talks.

Economic Outlook

On the data front, the US reported strong JOLTS US Job Openings data. The report showed the number of job openings in the United States was 11.263 million in January of 2022, down slightly from a revised record of 11.448 million in December.

Moving ahead today, the important events to watch:

US – ECB interest rate decision and statement: GMT – 12.45

US – CPI: GMT – 13.30

Coronavirus update:

Worldwide, more than 445 million people have been confirmed infected and more than 6 million have died. The United States has confirmed over 79 million cases and has had more than 960,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: The currency pair rebounded after it found strong buyers near the 1.0800 area. If the bullish momentum continues the next upside levels to watch 1.1100 and 1.1180. On the downside, 1.10 remain a key support level to watch for today.

The important levels to watch for today: Support- 1.1000 and 1.0950 Resistance- 1.1100 and 1.1180.

GOLD: The yellow metal retreats back to near $1970 after it failed to hold above the $2070 resistance area. The key technical levels to watch this week are $1950 and $2020.

The important levels to watch for today: Support- 1970 and 1950 Resistance- 2000 and 2020.

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-461

 

[syamfx2020]

The king dollar regains the upside momentum on Thursday following the release of the latest US inflation report. The inflation data showed that U.S. consumer inflation jumped 7.9 per cent over the past year, the sharpest spike since 1982 bolstered by rising gas and food prices.

EQUITIES

Wall Street ended higher on Thursday, but the upside was capped because investors were cautious ahead of next week's FOMC meeting. The US central bank is widely expected to raise interest rates by 25 basis points especially after the American inflation accelerated to a four-decade high last month.

OIL

Crude oil futures trade flat on Friday as the oil traders wait for any new developments in the Ukraine crisis. Meanwhile, the overall momentum remains mixed as highly awaited cease-fire talks between the foreign ministers of Russia and Ukraine failed.

CURRENCIES

In the currency market, the risk-linked currencies the Australian dollar and New Zealand dollar retreat from the highs on Friday as the talks between Russia and Ukraine yielded no progress as the war entered the third week on Thursday.

GOLD

The safe-haven metal continues to swing between losses and gains from the last two days. The metal struggling to hold above the $2000. Moving ahead to the North American session, the gold traders should closely monitor the release of the US March Michigan consumer sentiment report.

Economic Outlook

On the data front, The ECB failed to impress the investors on Thursday. The central bank said that its bond purchase program would be reduced sooner than previously expected, citing the inflationary pressures that the war in Ukraine has caused on the European continent.

Coronavirus update:

Worldwide, more than 445 million people have been confirmed infected and more than 6 million have died. The United States has confirmed over 79 million cases and has had more than 960,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: For Euro, the first nearest support level is located at 1.0950. In case it breaks below this level, it will head towards the next support level which is located near 1.0900. On the upside, 1.1020 will act as an immediate and strong hurdle while 1.1080 will be a critical resistance zone because above this, bulls are likely to dominate.

The important levels to watch for today: Support- 1.0950 and 1.0900 Resistance- 1.1020 and 1.1050.

GOLD: For today, the resistance for metal is around $2000, any break over targets $2006/20. On the downside, any meaningful pullback now seems to find some support near the $1980 zones, below which the slide could further get extended towards the $1970/55 region.

The important levels to watch for today: Support- 1980 and 1965 Resistance- 2000 and 2020.

Quote of the day - The single most important advice I can give is, to learn from your mistakes. That is the only way to become a successful trader- David Ryan.

Read more - https://gulfbrokers.com/en/daily-market-report-462

 

[syamfx2020]

It’s a huge week ahead with three major central banks providing their latest interest rate decision and monetary policy outlook. The US Fed's policymaking committee is due to deliver its latest economic and interest rate policy update on Wednesday, followed by the Bank of England and the Bank of Japan. The other key economic data also on Wednesday, the U.S. Census Bureau releases its retail sales report for the month of February.

On the earnings front, the companies due to release their results will be GameStop, FedEx, and Accenture will be among those reporting earnings this week.

GOLD

The safe-haven metal trading marginally lower on Monday and the upside pressure clearly weakening amid a solid ceiling in place, the near-term bias points to precious metal weakness in the week ahead, when volatility is likely to be higher than usual due to rising inflation and geopolitical tensions.

For this week, the resistance level for the metal is $2010, then the stronger resistance is $2022, which is important to be stable above it for a continuing rise to $2050/70 levels. On the downside, any meaningful pullback now seems to find some support near the $1950 zones, below which the slide could further get extended towards the $1920 regions.

DOLLAR INDEX

The US dollar index remains in demand as the Russia-Ukraine issue and rising inflation continue to encourage safe-haven demand. For this week, the main drivers for the metal remain the ongoing conflict between Russia and Ukraine and the FOMC outcome on Wednesday.

This week 100.00 remains the key resistance to watch. On the downside, rejection and pullback from the 100.00 resistance allow for a dip towards 98.70, with 98.40 and 98.00 forming additional downside targets.

EURUSD

The currency pair consolidated the bounce to above 1.1100 last week, with the risks still skewed to the downside amid intensifying concerns that the war in Ukraine could dampen the pace of the recovery in the Eurozone. On the other hand, ECB President Lagarde said during the press conference last week that the quicker winding-down of ECB asset purchases can be described as a normalization process due to high inflation not as a tightening or acceleration.

Technically the overall momentum remains bearish. For this week, the key support area is around 1.0880. On the upper side, the short-term resistance at 1.1050 any break above this level will open 1.1100 then 1.1140. On the other side, if the price break and close below 1.0880, the next immediate support is to watch 1.0820/00.

DOW JONES

The Dow Jones erased the early gains on Friday after the U.S. consumer sentiment fell to its lowest level in nearly 11 years, the University of Michigan reported. Meanwhile, the Dow Jones futures opened slightly higher supported by the positive comments from Vladimir Putin that there were "positive developments" in talks with Kyiv unable to provide much support.

Technically the overall trend still looks mixed, and the immediate support is at 32,800 then 32.450. On the upper side, in case the index manages to settle above 33,000, it will gain upside momentum and head towards the next resistance level at 33,650 and 34,000.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-21

 

[syamfx2020]

Monetary policy decisions from three of the world’s major central banks are due this week.

• Federal Reserve decision: March 16, Wednesday
• Bank of England decision: March 17, Thursday
• Bank of Japan decision: March 18, Friday

However, all eyes will be on the US Federal Reserve's latest interest rate decision this week. The most waited FED decision tends to lead to significant moves for currencies, commodities, and Indices.

The Federal Open Market Committee is set to hold their two-day policy-setting meeting on Tuesday and Wednesday, after which they will release their monetary policy statement and hold a press conference with Federal Reserve Chair Jerome Powell. The central bank should also unveil new forecasts for interest rates, inflation, and the economy.

FED expected to increase a 25-basis-point rate hike on Wednesday particularly following the release of the latest inflation data. The data showed the US consumer price index surged 7.9 percent from a year earlier, the largest 12-month hike since the period ending January 1982. The data came amid global concerns over a commodity-driven rise in inflation spurred by the Russia-Ukraine war.

Fed Chairman Jerome Powell said earlier that high inflation makes it appropriate for the central bank to raise the federal funds rate at its March meeting. Fed Vice Chair nominee Lael Brainard said that the central bank is focused on controlling high inflation and could start lifting interest rates as soon as it ends its bond purchase programme in March.

Read more - https://gulfbrokers.com/en/global-markets-brace-for-fed-rate-hike

 

[syamfx2020]

Gold and Oil prices dropped to the fresh two week low on Tuesday morning boosted by the positive developments in the latest round of Russia-Ukraine negotiations. Russian and Ukrainian delegations held the fourth round of talks on Monday. The talks ended without a breakthrough after several hours and Ukrainian President Volodymyr Zelenskyy said the negotiators took “a technical pause” and planned to meet again Tuesday. Zelenskyy also said he spoke with Israeli Prime Minister Naftali Bennett towards ending the war with Russia “with a fair peace.”

EQUITIES

Asian shares ended lower on Tuesday despite the release of stronger-than-expected Chinese economic data. Chinese Industrial Production increased from 4.3 percent to 7.5 percent on an annual basis, exceeding the market consensus of 3.9%. While the retail sales sector increased from 1.7 per cent to 6.7 percent.

OIL

Crude oil futures fell to a fresh session low on Tuesday during the European session as the oil traders wait for the fresh updates from Russia and Ukraine's fourth-round talks. On the other hand, the recent bearish momentum was also driven by the coronavirus case surge in China.

CURRENCIES

In the currency market, the British pound trades flat on Tuesday after the release of a better-than-expected UK employment report. The data showed, the UK unemployment rate dropped by 0.2 percentage points to 3.9% in the three months to January. Meanwhile, the Euro holding the early gains the US dollar and the pound after the release of weak German ZEW economic sentiment numbers.

GOLD

The safe-haven metal dropped to below $1950 on Tuesday as investors pinned hopes on diplomatic efforts between Ukraine and Russia to end their conflict. Overall, the momentum remained bearish throughout the European session.

Economic Outlook

On the data front, the Reserve Bank of Australia released the last meeting minutes. The minutes said the board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 percent target band.

"There were uncertainties about how persistent the pick-up in inflation would be given recent developments in global energy markets and ongoing supply-side problems," – RBA.

Coronavirus update:

Worldwide, more than 450 million people have been confirmed infected and more than 6 million have died. The United States has confirmed over 79.4 million cases and has had more than 963,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the currency pair is around 1.1045, any break over targets 1.1100/1.1120. On the downside, any meaningful pullback now seems to find some support near the 1.0960 zones, below which the slide could further get extended towards the 1.0935/00 region.

The important levels to watch for today: Support- 1.0960 and 1.0930 Resistance- 1.1045 and 1.1100.

GOLD: For gold, the first nearest support level is located at 1920. In case it breaks below this level, it will head towards the next support level which is located near 1912. On the upside, 1940 will act as an immediate and strong hurdle while 1960 will be a critical resistance zone because above this, bulls are likely to dominate.

The important levels to watch for today: Support- 1920 and 1912 Resistance- 1940 and 1960.

Quote of the day - “The art of investing is not about figuring out what has already happened. It’s about anticipating the future and creating the future that others will read about in The Wall Street Journal.” – Joshua Rogers.

Read more - https://gulfbrokers.com/en/daily-market-report-463

 

[syamfx2020]

The British pound hit a fresh weekly high of 1.3190 on Thursday against the US dollar ahead of the Bank of England interest rate decision. While the sterling pulled back from the recent highs, it was still trading not far from the weekly highs reached against the dollar during the early session. The market participants anticipate the BOE expects to raise interest rates after doing so at previous meetings.

GBPUSD key technical levels to watch for today:

Support: 1.3080 and 1.3000

Resistance: 1.3240 and 1.3300

EQUITIES

Asian shares traded higher and US futures held the previous session gains after the Federal Reserve announced a 25-basis point rate hike that has long been anticipated. The Fed raised interest rates for the first time since 2018 and the central bank also raised its projections for inflation and signalled six more hikes this year. “The median projection of the appropriate level of the federal funds rate is 1.9% at the end of this year,” Fed Chairman Jerome Powell said.

OIL

Crude oil futures trades steady on Thursday. On Wednesday the oil prices ended flat following the release of weak EIA crude inventory data. The data showed the US crude stockpiles climbed 4.3 million barrels last week.

CURRENCIES

In the currency market, the US dollar index plunged to a fresh weekly low following the release of the most waited FOMC meeting outcome. On the other hand, the Australian dollar advanced against the Euro and the greenback was boosted by a stronger-than-expected Australian employment report.

GOLD

The safe-haven metal hovers near the fresh session high of $1940. However, the overall momentum remains bearish with rising hopes of a deal to halt Russia’s war in Ukraine. Moving ahead to the North American session, the gold traders should monitor the release of US weekly jobless claims and Philly Fed manufacturing data.

Economic Outlook

On the data front, the Commerce Department reported the latest retail sales data on Wednesday. The data showed the US retail sales increased by 0.3 in February; a rise a touch lower than the 0.4% gain expected and the data came less than January’s 4.9 per cent increase.

Moving ahead today, the important events to watch:

UK – BOE Interest rate decision and statement: GMT – 12.00

US – Weekly jobless claims: GMT – 12.30

US –Philly Fed Manufacturing Index: GMT – 12.30

Coronavirus update:

Worldwide, more than 450 million people have been confirmed infected and more than 6 million have died. The United States has confirmed over 79.4 million cases and has had more than 963,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.1090, any break over targets 1.1130 minimum. On the other side, the immediate support is near 1.1000 and any break will drag the pair to 1.0950 and 1.0920 levels.

The important levels to watch for today: Support- 1.1000 and 1.0950 Resistance- 1.1070 and 1.1100.

GOLD: In the short-term perceptive, the immediate bias will remain bullish as long as prices are held above $1930. On the flip side, any break below $1922 then the next support near the $1912 followed by $1900 level.

The important levels to watch for today: Support- 1932 and 1920 Resistance- 1946 and 1952.

Quote of the day - “The majority of short-term trading results are just random. In the long term, the money ends up with those that can trade and manage risk.”

Read more - https://gulfbrokers.com/en/daily-market-report-464

 

[Keith201]

Thanks for sharing
Liking the quotes of the day