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DAILY MARKET REPORT

The National Bureau of Statistics data showed on Monday China's gross domestic product (GDP) expanded 4.9 percent year on year in the third quarter of 2020, that’s lower than economists forecast, but faster than the 3.2% expansion seen in the second quarter. Meanwhile, the retail sales grew 3.3 percent year on year in September, versus a 0.5 percent growth in August. China's industrial output in September rose 6.9% from a year earlier, data shows, up from a 5.6% gain in August.

DAILY MARKET REPORT

The National Bureau of Statistics data showed on Monday China's gross domestic product (GDP) expanded 4.9 percent year on year in the third quarter of 2020, that’s lower than economists forecast, but faster than the 3.2% expansion seen in the second quarter. Meanwhile, the retail sales grew 3.3 percent year on year in September, versus a 0.5 percent growth in August. China's industrial output in September rose 6.9% from a year earlier, data shows, up from a 5.6% gain in August.

EQUITIES

Asian shares traded higher on Monday after better-than-expected Chinese economic data and hopes on the prospect of a fresh US fiscal stimulus deal. On Friday, Wall Street closed slightly higher following the strong retail sales data. The September retail sales grew by 1.9% MoM after an increase of 0.6% MoM in the previous month.

OIL

Crude oil prices retreated from the daily highs as concerns over surging coronavirus cases globally dampened the prospects for demand recovery.

CURRENCIES

In the currency market, The British pound climbed to above 1.30 on Monday amid Brexit hopes. The investors cautiously awaiting developments on the Brexit negotiations. Both chief negotiators from the UK and EU will speak by telephone later in the day to discuss the structure of future talks.

GOLD

Gold price trading slightly higher on Monday amid renewed hopes for new US fiscal stimulus after a 48-hour deadline was slapped on the stalemate between Congress and the White House.

Economic Outlook

This week the main highlights of the economic calendar will be the release of PBOC interest rate decision, RBA meeting minutes, UK, and Canada's latest inflation numbers, UK retail sales, and PMI data.

Moving ahead to the North American session, the Investors and traders now await the speech from Fed Chair Jerome Powell and the latest updates from Brexit negotiations.

Coronavirus update:

Worldwide, the number of people infected with the coronavirus approaches 40 million, of which at least 1.11 million people have died and 27.49 million have recovered, according to data released by the Johns Hopkins University. India's coronavirus cases cross the 7.5 million thresholds after 55,722 fresh infections were reported in the last 24 hours

 

Technical Outlook

Dollar Index: The Dollar index trades slightly lower on Monday after Asian currencies rebounded boosted by the latest strong Chinese economic data.

euraud

The important levels to watch for today: Support- 93.20 and 92.80 Resistance- 93.70 and 94.

GOLD: The yellow metal trades steady above $1910 on Monday. On the upper side, the next resistance to watching $1918/1920.

audusd

The important levels to watch for today: Support- 1908 and 1900 Resistance- 1914 and 1920.

Quote of the day: Profits can be made safely only when the opportunity is available and not just because they happen to be desired or needed- Gerald M Loeb.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Crude oil prices started the new week slightly higher. During the last week, the oil prices ended lower after larger-than-expected crude oil inventory builds in the US. Both API and EIA inventory data showed that crude stockpiles in the US increased by 2.6 and 4.351 million barrels in the week ended January 15th.

DAILY MARKET REPORT

DAILY MARKET REPORT

UK and Australia reported the latest retail sales data on Friday. UK December sales rose 0.3% on the month, better than 4.1% drop seen in November. Australian reported a larger-than-expected 4.2% drop in December retail sales, following the 7.1% jump in November.

DAILY MARKET REPORT

DAILY MARKET REPORT

Democrat Joe Biden was sworn in as the 46th president of the United States on Wednesday. In his inauguration speech, Biden emphasized the importance of national unity, public service, and racial equity.

DAILY MARKET REPORT

DAILY MARKET REPORT

US stock futures and Oil price trading steady on Wednesday following the comments from Treasury secretary nominee, and former Federal Reserve chair Janet Yellen. Yellen pushed for a large fiscal relief package, to help the country's economy to deal with the effects of the Covid-19 pandemic.