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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 at 13:30 GMT. The market participants are expecting 71k jobs added in December and the unemployment rate is expected to rise by 0.1% to 6.8%.

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 at 13:30 GMT. The market participants are expecting 71k jobs added in December and the unemployment rate is expected to rise by 0.1% to 6.8%.

EQUITIES

Wall Street ended higher on Thursday lifted by the democrat victory in the US presidential election strengthened hopes for a larger stimulus package. The US stocks also received additional support from the latest strong US economic data.  

OIL

Crude oil price jumped again on Friday for the third straight session supported by the better-than-expected US oil inventory data and Saudi Arabia's decision to cut output by 1 million barrels per day.

CURRENCIES

In the currency market, the EURO continuously trading weaker for the second consecutive day ahead of NFP report. If the NFP disappointment could increase the safe-haven outflows toward the USD and pull the pair below the 1.2200 marks.

GOLD

The safe-haven metal trading lower on Friday after the promising developments toward a coronavirus vaccine sparked hopes for a swifter economic recovery. At the time of writing, the precious metal trading below 1900.

Economic Outlook

On the data front, the US ISM Services PMI reported an increase to 57.2 in December, compared to the forecast of 54.5.

Moving ahead today, the important events to watch:

US – Employment report: GMT – 13.30

Canada – Employment report: GMT – 13.30

Coronavirus update:

Worldwide, more than 87.5 million people have been confirmed infected and more than 1.88 million have died. The United States has reported 21.3 million confirmed cases and has had more than 362,000 deaths from COVID-19, the highest totals in the world. While Japanese Prime Minister Yoshihide Suga declared a state of emergency in Tokyo and three other areas on Thursday due to a rise in COVID-19 infections.

Technical Outlook

Dollar Index: US dollar rebounded back to near the weekly high. Now the future direction of USD will depend on NFP figures which will release later today.

 audusd

The important levels to watch for today: Support- 89.60 and 89.40 Resistance- 90.00 and 90.35.

GOLD: The gold price break below the key support of $1900 on Friday and overall, the movement of gold remained bearish from Wednesday.

 gold neww

The important levels to watch for today: Support- 1882 and 1870 Resistance- 1900 and 1914.

Quote of the day: “Success is not final; failure is not fatal: It is the courage to continue that counts.” - Winston S. Churchill.

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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.