US pharmaceutical giant Pfizer (NYSE: PFE) stock climbs to near the all-time high on Monday after the U.S. Food and Drug Administration announced its full approval of the Pfizer-BioNTech COVID-19 vaccine. $PFE closed 2.48% higher on Monday and the stock surged to a fresh all-time high of $51.86 on 18th August.
US stock futures advancing for the third session on Wednesday supported by the recent positive vaccine news and better-than-expected US existing home sales data. The existing homes sales increased by 2% last month to a seasonally adjusted annual rate of 5.99 million units.
Crude oil prices rise for the second consecutive day. On Monday, the oil prices rose nearly 6% after upbeat vaccine news. Moving ahead, the oil investors should closely watch the release of API inventory data which is set to be released later in the day.
In the currency market, the New Zealand dollar recovered from the previous week losses and the currency pair surged to a fresh weekly high of 0.8942 on Tuesday following the release of strong Q2 New Zealand retail sales numbers.
The safe-haven metal trading steady above $1800 on Tuesday over expectations that the Jackson Hole Symposium will show a wait-and-see approach before committing to tapering asset purchases.
On the data front, Germany reported stronger-than-expected GDP numbers. German GDP increased to 1.6% in the second quarter, compared to the market expectations of 1.5% in the preliminary estimate.
Worldwide, more than 212 million people have been confirmed infected and more than 4.4 million have died. The United States has confirmed over 37.9 million cases and has had more than 629,000 deaths from COVID-19, the highest totals in the world.
EURUSD: The currency pair slightly retreated from the early session highs despite better-than-expected German GDP data. At the time of writing, the pair trades below 1.1730.
The important levels to watch for today: Support- 1.1710 and 1.1690 Resistance- 1.1750 and 1.1780.
GOLD: The precious metal trading unchanged on Tuesday. The important levels to watch today $1790 and $1806.
The important levels to watch for today: Support- 1795 and 1790 Resistance- 1806 and 1814.
Quote of the day-” Understanding how to be a good investor makes you a better business manager and vice versa – Charlie Munger.