The banking giant Barclays reported better-than-expected Q1 financial results on Friday. The British bank posted a first-quarter net profit of £1.7 billion. While Barclays shares trading lower on Friday after the company warned that its outlook remained uncertain due to the Covid-19 pandemic.
“While evidence of recovery is encouraging, we have continued to take a cautious view of the impact of the pandemic on the business” Jes Staley, CEO of Barclays said.
European shares and US stock futures trading steady on Friday boosted by the strong macro-economic data. On Thursday, Wall Street ended higher following the release of upbeat US Q1 GDP data and the robust first-quarter earnings from Amazon and Twitter.
Crude oil prices retreat from the previous session highs as investors remain concerns about fuel demand recovery as rising coronavirus cases led to renewed restrictions in several countries.
In the currency market, the EUR/USD trading below 1.21 in the European session after the US dollar slightly rebounded from the monthly lows supported by the strong GDP numbers.
The Safe-haven metal plunged on Thursday weighed down by a jump in U.S. Treasury yields and a rebound in the US dollar. Overall, the momentum remained bearish throughout the Asian session.
On the data front, the US released the last quarter GDP numbers on Thursday. The data showed US Gross domestic product jumped 6.4% for the first three months of the year on an annualized basis.
Moving ahead today, the important events to watch:
CANADA – GDP: GMT – 12.30
US –Michigan Consumer Sentiment Index: GMT – 14.00
Worldwide, more than 150 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32 million cases and has had more than 575,000 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair trading near the short-term support area 1.2080. If the pair breaks below this area the next downside level to watch 1.2050.
The important levels to watch for today: Support- 1.2080 and 1.2050 Resistance- 1.2120 and 1.2150.
GOLD: The precious metal hovers near $1770 during the European session. Any break below the previous session low of $1755 will open the doors to $1745 and $1730. On the upper side, the immediate resistance at $1774 and $1780.
The important levels to watch for today: Support- 1762 and 1755 Resistance- 1774 and 1780.
In the short run, the market is a voting machine. But in the long run, it is a weighing machine. – Ben Graham.