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DAILY MARKET REPORT

“Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.” – J. Paul Getty.

DAILY MARKET REPORT

EQUITIES

The UK and European shares remain under pressure driven by the recent inflation pressures. On Thursday, US stocks extend losses following the release of weak US jobless claims and Philly Fed Manufacturing Index data.

OIL

Crude oil prices struggling to find the upside momentum after the previous session sell-off as investors remain concerned about the possibility of Iranian oil exports coming back will drag crude oil prices lower.

CURRENCIES

In the currency market, the British pound plunged to a fresh monthly low of 1.3855 on Friday after the release of weaker-than-expected UK retail sales numbers. While at the time of writing, the currency pair rebounded back to above 1.3900 from the early session losses.

GOLD

The precious metal slightly rebounded from the previous session lows. At the time of writing, the metal trades above the $1790 area. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, the UK retail sales fell by 1.4% in May, following a 9.2% increase in April and missed the market expectations of a 1.6% increase.

On Thursday, the US released the latest weekly jobless claims figures. The data showed the Initial jobless claims rose from 376,000 to 412,000 and the Philly manufacturing index dropped from 31.5 to 30.7.

Coronavirus update:

Worldwide, more than 176.7 million people have been confirmed infected and more than 3.82 million have died. The United States has confirmed over 33.4 million cases and has had more than 600,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: The currency pair trades above 1.1910. If the bullish momentum picks up the next upside levels to watch 1.1940 and 1.1960. On the downside, the immediate support at 1.1900 followed by 1.1880.

eurusd

The important levels to watch for today: Support- 1.1900 and 1.1880 Resistance- 1.1940 and 1.1960.

GOLD: For today, the gold price supported at $1780. On the upper side, the immediate resistance around 1805/10 any break above this level will open 1820.

gold neww

The important levels to watch for today: Support- 1780 and 1772 Resistance- 1800 and 1805.

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DAILY MARKET REPORT

DAILY MARKET REPORT

The Euro bounced against the US dollar on Thursday boosted by hawkish comments from the European central bank. However, the bulls will need to regain the 1.0640 level if they want to continue their ascent towards 1.0700/50.

DAILY MARKET REPORT

DAILY MARKET REPORT

European and UK stocks opened sharply lower on Thursday; the fall followed a pummelling session for US stocks on Wednesday. Overall momentum is expected to be under pressure in the coming days as investors remain concerned about the rising inflation pressures, hawkish Fed and the COVID-19 cases are spiking in the U.S.

DAILY MARKET REPORT

DAILY MARKET REPORT

Shares of the world’s largest retailer Walmart (NYSE: WMT) crashed more than 10% on Tuesday after the company reported mixed last quarter financial results. The retailer giant’s quarterly profits sorely missed Wall Street’s forecasts.

DAILY MARKET REPORT

DAILY MARKET REPORT

The dollar index, which measures the greenback against six other major currencies retreated from the 20-years highs ahead of US retail sales report. The report is expected to show that retail sales increased by 1.0% during April and core retail sales rose by 0.4%.