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DAILY MARKET REPORT

Gold price hits 6 years high. The yellow metal volatility was set off by Friday’s killing of a top Iranian general in a US airstrike. The situation worsened on Sunday after US President Donald Trump threatened sanctions on Iraq after it passed a resolution calling for the withdrawal of US and other foreign troops. EQUITIES... DAILY MARKET REPORT
Gold price hits 6 years high. The yellow metal volatility was set off by Friday’s killing of a top Iranian general in a US airstrike. The situation worsened on Sunday after US President Donald Trump threatened sanctions on Iraq after it passed a resolution calling for the withdrawal of US and other foreign troops.

 

 

EQUITIES

Asian Markets trading Lower on Monday as Middle East Tensions Rise. Japan’s Nikkei slid almost 2 per cent in a sour return from holiday. Chinese shares opened in the red too while Australian shares were off 0.4 per cent.

OIL


Oil prices extended gains on fears any Middle East conflict could disrupt global supplies. On Friday, crude oil prices had surged by over 3% after US drone strikes killed the head of Iran’s Quds Force, Major General Qassem Soleimani. After this incident, tensions have been heightened in the region over possible escalation and retaliation by Iran which could, in turn, disrupt oil supply from the region.

CURRENCIES


The Japanese yen surged on Monday to a three-month high of 107.77 versus the U.S. dollar in Asian trading. The Swiss franc, another safe currency, was trading flat too, though close to the four-month high of 1.0824 it reached against the euro on Friday. Currencies sensitive to global risk appetite were weaker, including the Australian dollar, New Zealand dollar and Swedish crown. Currencies sensitive to global risk appetite were weaker, including the Australian dollar, New Zealand dollar and Swedish crown.

GOLD


Gold prices have now climbed to the highest levels seen since April 2013 and they are likely to remain supported over continued fears of further deterioration in US-Iran relations.

Economic Outlook

Markets remain more risk-averse amid fears of a US-Iran war in the Middle East as tensions continue to run high as we kick start the new week. The dollar is mixed across the board with little change observed against the euro and pound. Meanwhile, the Aussie and kiwi are weighed lower as domestic bond yields slip as markets stay more risk-averse for the time being.

Technical Outlook

NZD/USD: Kiwi trading steady on Monday as traders are waiting for further updates US-China phase 1 deal signing. The next important levels to watch 0.6640 and 0.67.  

Gold: The yellow metal trading at 6 year high. The next resistance will be above $1582 level. Currently the pair trading at the overbought level.

Quote of the day: Don’t focus on making money; focus on PROTECTING what you have- Paul Tudor

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