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DAILY MARKET REPORT

On Wednesday, the U.S. Commerce Department released the latest retail sales data. The data showed the retail sales for January increased stronger than anticipated, with a sharp gain of 5.3% against expectations of 1.1%.

DAILY MARKET REPORT

On Wednesday, the U.S. Commerce Department released the latest retail sales data. The data showed the retail sales for January increased stronger than anticipated, with a sharp gain of 5.3% against expectations of 1.1%.

EQUITIES

Wall Street ended higher on Wednesday boosted by better-than-expected macroeconomic data from the US and strong Q4 earnings results.

On the earnings front, Walmart (NYSE: WMT) and Fiverr (NYSE: FVRR) reporting earnings today before the bell while Roku (NASDAQ: ROKU) is scheduled to report results after the market close.

OIL

Crude oil price trading steady supported by strong API inventory data. The data showed the US oil stocks fell by 5.8 million barrels in the week ended February 12th, after a 5.4 million draw a week earlier. On the other hand, the WSJ reported that Saudi Arabia plans to increase oil output in the coming months, reversing a recent big production cut, a sign of growing confidence over an oil price recovery.

CURRENCIES

In the currency market, the EURO slightly recovered from the previous session losses ahead of the European Central Bank meeting minutes. During the previous session, the currency pair hit the fresh weekly low of 1.2021.

GOLD

The safe-haven metal slightly rebounded after the metal found the short-term buyers above $1770 area. Overall, the momentum remains bearish throughout this week.

Economic Outlook

On the data front, the Unemployment Rate in Australia in January fell from 6.6% to 6.4% against the forecast of 6.5%.

On Wednesday, the FOMC published the minutes of their latest meeting. The minutes showed the central bank will be keeping policy loose for the foreseeable future. The minutes also suggested that the pace of the economic recovery had moderated in recent months.

Moving ahead today, the important events to watch:

US – Weekly jobless claims: GMT – 13.30

US – Building permits: GMT – 13.30

US - EIA crude inventories: GMT – 16.00

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 109.6 million. The United States has confirmed over 27.7 million cases and has had more than 488,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD: GBPUSD rebounded back to above 1.3900 after the US Dollar retreated from the fresh weekly high. Today, GBP again expected face resistance around 1.3920/50 then 1.3990 along with the support around 1.3830 & 1.3800.

 euraud

The important levels to watch for today: Support- 1.3860 and 1.3820 Resistance- 1.3940 and 1.3990.

GOLD: The precious metal trading above $1785 during the European session. On the upper side, the immediate resistance to watch $1790/96.

gold neww

The important levels to watch for today: Support- 1780 and 1770 Resistance- 1790 and 1796.

Quote of the day: If past history was all there was to the game, the richest people would be Librarians – Warren Buffet.

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DAILY MARKET REPORT

DAILY MARKET REPORT

UK and European shares slip lower on Wednesday after mixed corporate earnings results and amid growing concerns over rising bond yields in the US.

DAILY MARKET REPORT

DAILY MARKET REPORT

The UK has given the first dose of coronavirus vaccine to almost a quarter of the population, the Britain Government data showed the total receiving first vaccines doses was 15 million.

DAILY MARKET REPORT

DAILY MARKET REPORT

The markets in the U.S. will be closed on Monday in observance of the President's Day holiday. Foreign financial markets are open Monday and currency markets are expected to remain open for trading.

DAILY MARKET REPORT

DAILY MARKET REPORT

Walt Disney (NYSE: DIS) shares rose about 3% in after-market trading and reached a new all-time high of $193.89 after the company surprised Wall Street with the last quarter financial results. Disney+ subscribers totalled 94.9 million at the end of the quarter, more than double the subscriber base a year ago.