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DAILY MARKET REPORT

European stocks trading steady on Thursday ahead of European Central Bank Policy Meeting Minutes. On Wednesday, European Central Bank council member Francois Villeroy de Galhau said the ECB will keep an easy stance for as long as needed.

DAILY MARKET REPORT

European stocks trading steady on Thursday ahead of European Central Bank Policy Meeting Minutes. On Wednesday, European Central Bank council member Francois Villeroy de Galhau said the ECB will keep an easy stance for as long as needed.

EQUITIES

US stock futures trading higher on Thursday as investors awaited US President-elect Joe Biden’s plans for further stimulus measures on Thursday. The package is expected to include $2,000 in stimulus checks. Meanwhile, Asian shares traded higher supported by better-than-expected Chinese economic data.

OIL

Crude oil prices trading lower on Thursday following a larger-than-expected decline in US crude inventories. The EIA data showed US crude inventories fell 3.25 million barrels to 482.21 million barrels in the week ended January 8th.

CURRENCIES

In the currency market, the Australian and New Zealand dollar trading slightly higher lifted by upbeat Chinese export data. While the EURO and British pound trading unchanged on Thursday.

GOLD

The yellow metal trading below $1850 ahead of U.S. Federal Reserve Chairman Jerome Powell speech. Overall, the momentum remained bearish throughout this week.

Economic Outlook

On the data front, Chinese exports grew more than expected in December. The exports rose 18.1% in December from a year earlier, slowing from a 21.1% jump in November but beating expectations for a 15% rise         

On Wednesday, the US labour department released the latest inflation data. The U.S. CPI increased 0.4% in December alone, taking the annualised rate of consumer price growth up to 1.4%

Moving ahead today, the important events to watch:

Eurozone – ECB meeting minutes: GMT – 12.30

US – Jobless claims: GMT – 13.30

US – U.S. FED Chairman Jerome Powell speech: GMT – 16.30

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 91.9 million. The United States has reported 22.9 million confirmed cases and has had more than 382,000 deaths from COVID-19, the highest totals in the world. India and Brazil have the second and third highest case tallies, recording some 10.4 and 8 million cases, respectively. In Spain, the total number of infections increased to 2.18 million and the number of fatalities to 52,878 since the start of the pandemic.

Technical Outlook

Dollar Index: The US dollar index trading steady above 90 during the European session. If the bullish momentum continues the next upside to watch 90.50/70.

DXY

The important levels to watch for today: Support- 89.90 and 89.60 Resistance- 89.50 and 89.75.

GOLD: The precious metal struggling to find the upside momentum. At the time of writing, the gold price trading below $1940.

gold neww

The important levels to watch for today: Support- 1832 and 1826 Resistance- 1850 and 1865.

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.