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DAILY MARKET REPORT

Tech giants Microsoft, Facebook and Alphabet shares climb to new heights on Wednesday.

DAILY MARKET REPORT

Tech giants Microsoft, Facebook and Alphabet shares climb to new heights on Wednesday. Social media company Facebook (NASDAQ: FB) shares hit a new all-time high of $314 and the stock is up more than 13% since the beginning of the year. While Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL) shares also rose to new record highs of $250 and $2244 on Wednesday.

EQUITIES

Wall Street ended higher on Wednesday after US president Joe Biden signaled that he will consider changing his tax proposals. On the other hand, the stocks also received additional bullish support after FOMC minutes suggested the U.S. central bank is in no rush to raise interest rates. 

OIL

Crude oil price remains under pressure despite better-than-expected API and EIA inventory data. During this week, OPEC said that it will add about two million barrels of oil each day to the market from May to July, easing production cuts.

CURRENCIES

In the currency market, The British pound fell to a fresh weekly low after British authorities recommended Wednesday that the AstraZeneca Covid-19 vaccine not be given to adults under ’30s. Meanwhile, the Euro trading lower ahead of ECB meeting minutes.

GOLD

The safe-haven metal trading steady above $1740 on Thursday boosted by a decline in US Treasury yields and the weaker US dollar. The metal has risen more than 3% from the previous week low.

Economic Outlook

On the data front, UK Construction PMI jumped to 61.7 in March 2021, from 53.3 in the previous month and well above market expectations of 54.6.

On Wednesday, the Federal Reserve released the last meeting minutes. The FED officials remained hopeful about the US economy posting a faster recovery and noted they would need to see more progress on the recovery before tapering.

Moving ahead today, the important events to watch:

Eurozone – ECB meeting minutes: GMT – 11.30

US – Jobless claims: GMT – 12.30

US – FED chair Jerome Powell speech: GMT – 16.00

Coronavirus update:

Worldwide, more than 133.7 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.7 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world. Brazil reported a record number of coronavirus deaths yesterday – more than 4,000.

Technical Outlook

EUR/USD: The currency pair slightly retreated from the previous session high after the release of FOMC minutes. On Wednesday, the pair hit a fresh weekly high of 1.1914.

 eurusd

The important levels to watch for today: Support- 1.1850 and 1.1820 Resistance- 1.1920 and 1.1950.

GOLD: The precious metal rose to a fresh weekly high. If the bullish momentum continues the next upside levels to watch $1750 and $1759(previous month high). On the downside, the immediate support at $1736

gold neww

The important levels to watch for today: Support- 1736 and 1727 Resistance- 1750 and 1756.

Quote of the day: Wise spending is part of wise investing. And it's never too late to start – Rhonda katz.

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DAILY MARKET REPORT

DAILY MARKET REPORT

The EURUSD bounced back above 1.1900 following the strong retail sales data and the US dollar Index bearish momentum continues for the second consecutive week.

DAILY MARKET REPORT

DAILY MARKET REPORT

China consumer price index (CPI) increased by 0.4 percent year on year in March, data from the National Bureau of Statistics (NBS) showed Friday. Meanwhile, on a month-over-month basis, the inflation declined to -0.5% from 0.6%.