US dollar investors focus now shifts to the second reading of the second-quarter US GDP numbers, which is set to be released later today. On the other hand, weekly jobless claims figures will also draw interest on Thursday. A marked decline would support riskier assets.
US stock futures trading mixed ahead of the Jackson Hole symposium later today. However, the overall momentum remained bullish throughout this week after the US FDA granted full approval for the use of Pfizer/BioNTech’s COVID-19 vaccine. On Wednesday, both the S&P 500 and Nasdaq reached record highs.
Crude oil price slightly retreats from the previous session highs. On Wednesday, the oil prices jumped to a fresh weekly high supported by a weakening U.S. dollar and rallying equities.
In the currency market, the dollar was stalled on Thursday ahead of the release of U.S. gross domestic product data, the data will most likely predict the future direction of the US dollar.
The safe-haven metal remains under pressure ahead of Fed Chair Powell speech at the upcoming symposium on Friday. At the time of writing, the metal trades below $1785.
On the data front, the U.S. Department of Commerce reported the durable goods orders in July. The data showed the US durable goods orders fell by -0.1% in July, compared to the market expectations of -0.3% and a reading of +0.8% in June.
Moving ahead today, the important events to watch:
US – GDP: GMT – 12.30
US –Jobless claims: GMT – 12.30
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: Technically 1.1770/80 zone is the selling spot for this pair while considering the recent bullish momentum, this move could extend 1.1790/1.1810. Rejections might target 1.1710 and 1.1680.
The important levels to watch for today: Support- 1.1740 and 1.1700 Resistance- 1.1780 and 1.1800.
GOLD: For today, the resistance for Gold remains above $1795, any break over targets 1800/06. On the other side, the immediate support near 1780 and any break will drag the metal to 1776 and 1770 levels.
The important levels to watch for today: Support- 1780 and 1770 Resistance- 1795 and 1815.
Quote of the day- Sell a stock only when you have found a new stock that is a 50% better bargain that the one that you hold – John Templeton.