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DAILY MARKET REPORT

The People's Bank of China (PBOC) said on Wednesday it was cutting banks' reserve requirement ratio (RRR) by 50 basis points, releasing around 800 billion yuan ($114.84 billion) in funds and they mention economic growth remains resilient despite relatively large downward pressure and mounting external uncertainty. It was the eighth cut in the RRR since... DAILY MARKET REPORT
The People's Bank of China (PBOC) said on Wednesday it was cutting banks' reserve requirement ratio (RRR) by 50 basis points, releasing around 800 billion yuan ($114.84 billion) in funds and they mention economic growth remains resilient despite relatively large downward pressure and mounting external uncertainty. It was the eighth cut in the RRR since early 2018.

 

EQUITIES

Asian shares rose on Thursday, the first trading day of 2020, as investors cheered Beijing's monetary policy easing decision and upbeat cues on the Sino-U.S. trade deal front.

OIL


Oil prices were up on Thursday as improved trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply.

CURRENCIES

The dollar is trading cautiously on Thursday as markets anticipate the release of the FOMC meeting minutes later today. The dollar index against a basket of currencies fell 1.9% last month, having hit its lowest level since July. USD/JPY is up to session highs close to 108.80 currently but the Aussie remains weaker as domestic bond yields are faring worse today, keeping AUD/USD near 0.7000.

GOLD


Gold prices edged higher on Thursday as the dollar hovered near a six-month low hit on New Year's Eve amid bets that U.S. economic outperformance could be coming to an end.

Economic Outlook

On Tuesday, US President Donald Trump confirmed that the US-China phase one deal will be signed on January 15 at the White House. Trump took to Twitter to announce that he will be signing the deal with his Chinese counterpart and will also be travelling to Beijing to set the ball rolling on phase two of the trade negotiations.

A survey of Chinese manufacturing out on Thursday showed activity was still expanding in December while confidence shot higher as trade tensions eased.

Technical Outlook

NZD/USD: Kiwi is a trading bit softer today after fantastic upside rally. The pair may find sellers if it breaks below 0.67 level.

Gold: The yellow metal still trading above $1520 level the traders and investors are waiting for FED minutes. Any break below $1517 will open $1512 and $1508.

Welcome responsibilities as it will bring in more chances of being successful and prosperous in this New Year.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.

DAILY MARKET REPORT

DAILY MARKET REPORT

Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.