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.
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.
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.
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 price recovered from the previous session losses, the yellow metal slipped to $1760 on Thursday after a stronger-than-expected US employment report.
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.
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.
XAU/USD: The yellow metal trading unchanged on Friday due to the US markets holiday.
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.
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.