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DAILY MARKET REPORT

The Euro broke further above the psychological level of 1.2300 and climbed to a fresh session high of 1.2340 on Wednesday. The recent bullish move lifted by the weaker dollar and better-than-expected economic data from Eurozone and Germany.

DAILY MARKET REPORT

The Euro broke further above the psychological level of 1.2300 and climbed to a fresh session high of 1.2340 on Wednesday. The recent bullish move lifted by the weaker dollar and better-than-expected economic data from Eurozone and Germany.

EQUITIES

On Tuesday, Wall Street ended slightly higher boosted by the oil and gas stocks. The Dow Jones Industrial Average increased 0.6%, the tech-heavy Nasdaq Composite gained 1% and the S&P 500 added 0.7%. While during the European session on Wednesday the US stock futures trading lower as the traders and investors await the results of two runoff elections in Georgia.

OIL

Crude oil price climbed to the highest level since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers.

CURRENCIES

In the currency market, the commodity currencies leading the gains supported by higher oil and gold prices. Meanwhile, the dollar index fell to a weekly low of 89.20 during the European session.

GOLD

Gold price trading steady above $1950, during the Asian session the yellow metal climbed to a fresh weekly high of $1955 supported by the weaker dollar.

Economic Outlook

On the data front, US ISM Manufacturing PMI increased In December- the PMI climbed to 60.7 in December after dipping to 57.5 in November, with a reading above 50 indicating growth.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 13.15

US – Crude oil inventories: GMT – 15.30

US –FOMC meeting minutes: GMT – 19.00

Coronavirus update:

Worldwide coronavirus deaths have reached 1,875,467 with more than 86.8 million reported cases. The United States has reported 20.8 million confirmed cases and has had more than 354,000 deaths from COVID-19, the highest totals in the world. On the positive side, the European Medicines Agency’s is expected to approve Moderna's covid-19 vaccine today which will be the second vaccine to be used in Europe.

Technical Outlook

Dollar Index: The USD sell-off continues on Wednesday ahead of ADP employment report and FOMC meeting minutes. At the time of writing, the index trading below 89.30.

DXY

The important levels to watch for today: Support- 89 and 88.60 Resistance- 90.40 and 90.90.

GOLD: The precious metal upside rally continues. The important levels to watch today $1960 and $1940.

gold neww

The important levels to watch for today: Support- 1932 and 1926 Resistance- 1940 and 1932.

Quote of the day: Trading decisions should be made as unemotionally as possible – Richard Dennis.

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DAILY MARKET REPORT

DAILY MARKET REPORT

The US nonfarm payrolls report is the highlight of today’s economic calendar. US Bureau of Labor Statistics will release the NFP data at 12:30 GMT.

DAILY MARKET REPORT

DAILY MARKET REPORT

The British pound trading extra volatile following the Bank of England meeting. Initial the currency pair fell to a new session low of 1.3855 at the time of writing, the GBP/USD rebounded back to above 1.3930.

DAILY MARKET REPORT

DAILY MARKET REPORT

Crude oil prices climb above the previous month high on Wednesday supported the successful COVID-19 vaccine rollout in the US and UK and more stimulus measures. On the negative side, investors continued to monitor a deepening COVID-19 crisis in India, Japan, and Canada.

DAILY MARKET REPORT

DAILY MARKET REPORT

US Ride-hailing giants Lyft (NASDAQ: LYFT) and Uber Uber (NYSE: UBER) are scheduled to report their latest quarterly earnings this week.