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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

“We need to use the tools we already have to prevent transmission and save lives from Delta. And if we do that, we will also prevent transmission and save lives from Omicron,” - WHO chief Tedros Adhanom Ghebreyesus said.

DAILY MARKET REPORT

DAILY MARKET REPORT

US Dollar hits a fresh 16-month high ahead of one of the most awaited economic events of the week, Minutes from the Federal Reserve's November meeting and US GDP figures.