Back to daily news

DAILY MARKET REPORT

Bitcoin jump above $64,000 level for the first time on Wednesday ahead of the listing of Coinbase IPO (NASDAQ: COIN) the largest US trading platform for cryptocurrencies.

DAILY MARKET REPORT

Bitcoin jump above $64,000 level for the first time on Wednesday ahead of the listing of Coinbase IPO (NASDAQ: COIN) the largest US trading platform for cryptocurrencies. Coinbase stock ended its first day at $328 per share. On Tuesday, the Nasdaq set a reference price of $250 a share but the $COIN opened at $381 per share. Coinbase shares jump to near $430 area before closing at $328.28.

“Regulation is one of the biggest risks when it comes to the cryptocurrency business. It’s right up there with cybersecurity.” - Coinbase CEO Brian Armstrong said.

EQUITIES

Wall Street ended mixed on Wednesday while the Dow Jones closed at the positive territory supported by strong earnings results from Goldman Sachs and JP Morgan.

On the US earnings front, Citi (NYSE: C), Bank of America (NYSE: BAC) and PEPSI (NASDAQ: PEP) reporting earnings today before the market opens.

OIL

Crude oil prices bounced to fresh weekly highs boosted by better-than-expected API and EIA inventory data. The EIA data showed the oil inventories fell by 5.889 million barrels in the April 9th week, following a 3.522 million decline in the previous period.

CURRENCIES

In the currency market, the US Dollar hovers near the monthly low ahead of US retail sales data. The Index expected to be extra volatile after the release of monthly Retail Sales figures. On the other hand, the Australian dollar climbs to a fresh weekly high following the release of upbeat employment data.

GOLD

The safe-haven metal rebounded back to above $1740 supported by the weaker US dollar and recent weakness in 10-year bond yields.

Economic Outlook

On the data front, the employment data from the Australian Bureau of Statistics (ABS) showed the unemployment rate dropped to 5.6%, down from 5.8%, better than the expectation of 5.7%. Meanwhile, the number of employed people increased by 70.7K in March, which is less than the 88.7K increase seen in

February.

On Wednesday, US Fed Chair Powell said that the central bank will first taper down its monthly bond purchase program before making any changes to interest rates.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Jobless claims: GMT – 12.30

US – Philly Fed Manufacturing Index: GMT – 12.30

Coronavirus update:

Worldwide, more than 136.4 million people have been confirmed infected and more than 2.9 million have died. The United States has confirmed over 31.26 million cases and has had more than 562,511 deaths from COVID-19, the highest totals in the world. The number of new coronavirus cases in India hit a record daily high with over 200,000 infections being reported in a day.

Technical Outlook

DOLLAR INDEX: The US dollar trading near the short-term support area 91.40/50. Today’s US economic data would be critical in determining whether the Index breaks below the support area or gain some upside momentum.

 DXY

The important levels to watch for today: Support- 91.30 and 91.00 Resistance- 92.00 and 92.40.

GOLD: The yellow metal trading steady above $1740 ahead of US retail sales data. Overall, the momentum remains bullish throughout the European session.

gold neww

The important levels to watch for today: Support- 1740 and 1732 Resistance- 1750 and 1762.

Quote of the day: “In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” - Peter Lynch.

Read more

DAILY MARKET REPORT

DAILY MARKET REPORT

The king dollar slipped against most majors on Wednesday as the USD traders remained cautious of FOMC interest rate decision and the Fed Chair Jerome Powell press conference.

DAILY MARKET REPORT

DAILY MARKET REPORT

“Our whole role in life is to give you something you didn’t know you wanted. And then once you get it, you can’t imagine your life without it. And you can count on Apple doing that.” -Tim Cook, Apple CEO.

DAILY MARKET REPORT

DAILY MARKET REPORT

The electric car maker Tesla (NASDAQ: TSLA) will announce its second-quarter 2021 financial results after market hours on Monday.

DAILY MARKET REPORT

DAILY MARKET REPORT

The social media company Twitter (NYSE: TWTR) shares rallied almost 8% in after-hours trading following the company announced better-than-expected Q2earnings.