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DAILY MARKET REPORT

US-Iran tensions continue to control the market. The US has claimed that Soleimani was plotting terror attacks against US interests in Iraq, while Iran has vowed to retaliate against his killing. Oil prices have eased lower while equity markets, which weakened heavily on Monday, rebounded in early trading. EQUITIES Overnight, the US market closed higher... DAILY MARKET REPORT
US-Iran tensions continue to control the market. The US has claimed that Soleimani was plotting terror attacks against US interests in Iraq, while Iran has vowed to retaliate against his killing. Oil prices have eased lower while equity markets, which weakened heavily on Monday, rebounded in early trading.

 

EQUITIES

Overnight, the US market closed higher while Asian markets rebounded as a day passed without a new escalation in the Middle East. European shares rebounded on Tuesday, snapping a two-day losing streak, as concerns over a U.S.-Iran standoff eased, while automobile stocks rose after Rolls-Royce reported record annual sales.

OIL

Oil prices on Tuesday surrendered some gains made over the previous two days as investors reconsidered the likelihood of Middle East supply disruptions in the wake of the United States killing a top Iranian military commander.

CURRENCIES

The Japanese yen and Swiss franc pulled back from recent highs on Tuesday as investors became less anxious about the chances of an all-out conflict between the United States and Iran. While AUD/USD fell to a low of 0.6895, the Aussie performed well in December amid thin liquidity conditions

GOLD

Gold prices retraced after reaching seven years high. This raised concerns in financial markets, and safe-haven assets jumped to their highest level on the back of a possible war between the US & Iran.

Economic Outlook

On Monday, the US refused to pull out its troops from Iraq despite the Iraqi parliament passing a resolution for this. US Vice President Mike Pence is scheduled to shed some light over his government’s policy for Iran next week.  Today, we have a bit of fundamental data out of the Eurozone including retail sales and CPI report. Eurozone November retail sales released a few minutes back +1.0% vs. +0.7% expected, the data printed a solid number.

Technical Outlook

NZD/USD: Kiwi trading on the range between 0.6640 and 0.6680 level from Monday, any break below 0.6640 will open 0.66 and 0.6580.

Gold: The yellow metal almost closed the bullish gap. On Monday, gold rose to its highest level in nearly seven years on the back of increased tensions between the Middle East and the United States. The important levels to watch for today $1550 and $1570, according to Gulf Brokers the gold may find buyers at above $1550 level.

Quote of the day: An investor without investment objectives is like a traveller without a destination.

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DAILY MARKET REPORT

DAILY MARKET REPORT

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DAILY MARKET REPORT

DAILY MARKET REPORT

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DAILY MARKET REPORT

DAILY MARKET REPORT

This week the global market witnessed more aggressive rate rises by the RBA and BOE, and investors are now turning their eye on the release of US labor market data today. The US Bureau of Labor Statistics (BLS) will release the July NFP numbers today at 12.30 GMT.

DAILY MARKET REPORT

DAILY MARKET REPORT

Today all eyes are on the Bank of England monetary policy decision which is set to be announced at 11:00 GMT. The BOE expected to raise interest rates by 0.50% at its meeting today, its largest increase for more than 25 years.