Online vacation rental site Airbnb (NASDAQ: ABNB) shares soared 10% on Tuesday after the company opened the doors of its properties to 20,000 Afghan refugees globally. The recent bullish momentum was also supported by stronger-than-expected second-quarter financial results on Aug. 13. During the last quarter, Airbnb revenue increased by 300% to $1.3 billion.
“The displacement and resettlement of Afghan refugees in the US and elsewhere is one of the biggest humanitarian crises of our time. We feel a responsibility to step up," said CEO Brian Chesky.
US stock futures trading steady on Wednesday ahead of the Jackson Hole Economic Symposium later in the week.
Crude oil prices holding the weekly gains despite weak API inventory reports. The report showed the crude inventories in the US fell 1.6 million barrels for the week ended August 20th.
In the currency market, the New Zealand dollar remains one of the strongest currencies this week other than the Canadian dollar boosted the oil prices managed to gain strong upside momentum. Meanwhile, the US dollar index remains under pressure ahead of US durable good orders data.
The safe-haven metal slightly retreats from the previous session highs. Meanwhile, the overall momentum remains bullish throughout the week as the metal received strong support due to fears about the spread of the Delta variant of coronavirus.
On the data front, the Ifo Business Climate indicator for Germany fell to a 3-month low of 99.4 in August of 2021, well below market forecasts of 100.4.
Moving ahead today, the important events to watch:
US – Durable goods orders: GMT – 12.30
US –EIA crude inventories: GMT – 14.30
Worldwide, more than 212 million people have been confirmed infected and more than 4.5 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 retreat from the early session highs following the release of weaker-than-expected German IFO data.
The important levels to watch for today: Support- 1.1700 and 1.1660 Resistance- 1.1760 and 1.1800.
GOLD: For today, the resistance for Gold remains above $1806, any break over targets 1810/15. On the other side, the immediate support near 1784 and any break will drag the metal to 1780 and 1772 levels.
The important levels to watch for today: Support- 1790 and 1780 Resistance- 1806 and 1815.
Quote of the day- Remind yourself that today is not the last day you will ever have to trade. You have time, the market isn’t going anywhere – Nial Fuller.