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DAILY MARKET REPORT

U.S. stock markets are closed Friday in observance of Independence Day. Both the New York Stock Exchange (NYSE) and NASDAQ will be closed on Friday. Overall trading becomes a bit subdued as the US is on holiday and expects low and unusual volatility in the global markets today.

DAILY MARKET REPORT

U.S. stock markets are closed Friday in observance of Independence Day. Both the New York Stock Exchange (NYSE) and NASDAQ will be closed on Friday. Overall trading becomes a bit subdued as the US is on holiday and expects low and unusual volatility in the global markets today.

EQUITIES

Asian stock markets extend gains on Friday fueled by a strong US and China economic data and on hopes about a potential vaccine. On Thursday, US stocks ended higher after data showed the economy added 4.8 million jobs in June.

OIL

Crude oil prices traded steady this whole week supported by the data showed the US crude stocks plunged 7.2 million barrels from a record high last week.  

CURRENCIES

The US dollar rebounded from one week low supported by the publication of a large number of positive macroeconomic statistics from the United States. Meantime, the Australian dollar and New Zealand dollar climbed higher boosted by strong China economic data and Australia retail sales report.

GOLD

Gold price recovered from the previous session losses, the yellow metal slipped to $1760 on Thursday after a stronger-than-expected US employment report.

Economic Outlook

On the data front, the China Caixin/Markit services PMI rose to 58.4 in June from 55.0 in May and the Japan June Services PMI came in at 45.0, compared with a preliminary figure of 37.9 and after a final 27.8 a month earlier. While Australia retail sales witnessed a record surge in May as economy reopens. Retail sales jumped a seasonally adjusted 16.9% in May, from April 17.7%.

On Thursday, the US jobs report for June showed 4.8 million jobs added beating the 3 million expectations. Unemployment in June fell to 11.1% from 13.3% in May.

Coronavirus Update:

The number of people infected with COVID-19 across the world crossed 10.8 million, of which around 520,000 have died, according to Johns Hopkins. The United States has reached a daily global record for the coronavirus pandemic — reporting more than 55,000 new COVID-19 cases and overall on July 1, 196,000 new cases were reported worldwide — the highest single-day figure ever recorded since the start of the pandemic. Germany, Italy, and Spain reported 1,027 new cases on Thursday, which was down from 1,062 new cases on Wednesday.

Technical Outlook

XAU/USD: The yellow metal trading unchanged on Friday due to the US markets holiday.  

audusd

The important levels to watch for today: Support- 1765 and 1758   Resistance- 1778 and 1792.

GBP/USD: The British Pound retreat from the top and trading near the short term support of 1.2430.

cruse

The important levels to watch for today: Support- 1.2430 and 1.2400 Resistance- 1.2480 and 1.2530.

Quote of the day: The intelligent investor is a realist who sells to optimists and buys from pessimists- Benjamin Graham.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Global stocks and Wall Street ended higher in November. The S&P 500 climbed 10.8% for the month, its biggest monthly gain since April. While the Dow has added almost 13% so far, which would be the best month since January 1987. The energy stocks in the S&P 500 ended November with an above 25% gain supported by the strong rebound in the crude oil prices.

DAILY MARKET REPORT

DAILY MARKET REPORT

Crude oil prices trading slightly lower on Monday ahead of OPEC two days of meetings that begin later today. The investors and traders eagerly waiting for the fresh updates whether the OPEC and other oil-exporting countries will extend large output cuts to balance global markets.

DAILY MARKET REPORT

DAILY MARKET REPORT

Hello Everyone, Happy Thanksgiving Day! We expect Trading will be thinned out next two days and liquidity is expected to remain low as US financial markets are closed on Thursday and a half-day on Friday.

DAILY MARKET REPORT

DAILY MARKET REPORT

Gold price slightly rebounded from the previous session lows. The yellow metal plunged more than 3% and closed to near $1800 on Tuesday. Moving ahead to the North American session, the gold investors and traders will keep an eye on the US GDP and durable goods data due later in the session.