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DAILY MARKET REPORT

Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the July meeting to deal with rising inflation.

DAILY MARKET REPORT

Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the July meeting to deal with rising inflation. The ECB Monetary Policy Statement is set to be released at 11:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 12:30.

EQUITIES

European stocks and Wall Street ended higher for the second consecutive day on Wednesday despite Delta variant fears supported by strong corporate earnings and the strong rebound in oil prices.

On the earnings front, AT&T (NYSE: T) and Abbott (NYSE: ABT) reporting earnings today before the bell while Snap (NYSE: SNAP) and Twitter (NYSE: TWTR) is scheduled to report results after the market close.

OIL

Crude oil price holding the previous session gains. On Wednesday, the crude oil prices closed sharply higher. Meanwhile, the EIA data showed on Wednesday the US crude inventories rose 2.1 million barrels in the week ended July 16th to 439.7 million barrels.

CURRENCIES

In the currency market, the commodity currencies Australian dollar, New Zealand dollar and the Canadian dollar recovered from the previous session losses. Meanwhile, the Euro remains struggling to find the upside momentum ahead of the ECB decision.

GOLD

The Safe-haven metal slips below $1800 as treasury yields continue to bounce. The US 10-year Treasury yield rose for the second day to 1.29% Wednesday. If the bearish momentum continues the next downside levels to watch $1780 and $1770.

Economic Outlook

On the data front, the Canada new housing price Index report showed the new home prices in Canada advanced 0.6% over a month in June, the slowest pace in six months.

Moving ahead today, the important events to watch:

Eurozone – ECB interest rate decision and statement: GMT – 11.45

US – Jobless claims: GMT – 12.30

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 191.8 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34 million cases and has had more than 609,800 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: The currency pair weaker below 1.1800 supported by 1.1750. Today, the pair is expected to face resistance around 1.1850 along with support around 1.1750 and 1.1710.

eurusd

The important levels to watch for today: Support- 1.1750 and 1.1700 Resistance- 1.1830 and 1.1850.

GOLD: The yellow metal trading is extremely near to the $1790 crucial support area. Overall, the momentum remained bearish throughout today.

gold neww

The important levels to watch for today: Support- 1790 and 1780 Resistance- 1810 and 1815.

Quote of the day: “Use limit orders exclusively-except when placing stops. Be careful what you use: there is no magic solution. Success cannot be bought; it can only be worked on.” Alexander Elder

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