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DAILY MARKET REPORT

The maker of semiconductors for video games Nvidia (NASDAQ: NVDA) stock popped 9% on Tuesday ahead of the earnings report. The company is scheduled to report fourth-quarter 2021 earnings results today after market close.

DAILY MARKET REPORT

The maker of semiconductors for video games Nvidia (NASDAQ: NVDA) stock popped 9% on Tuesday ahead of the earnings report. The company is scheduled to report fourth-quarter 2021 earnings results today after market close. Nvidia is expected to post quarterly earnings of $1.22 per share and revenues are expected to be $7.4 billion.

$NVDA key technical levels to watch for today:

Support: $249 and $230

Resistance: $271 and $288

EQUITIES

US futures trades near the session high, focus shifts to January US retail sales data. Retail sales in the US is expected to rise 2% in January after their higher-than-expected fall of 1.9% in December.

On the earning front, Hotel giant Marriott International (NASDAQ: MAR) hit a new 52-week high on Tuesday after the company's Q4 earnings beat Wall Street expectations and earnings guidance.

OIL

US oil futures recovered from the early losses. While the upside movement may be very limited before a substantial correction after Russia withdrew some of its troops near the Ukrainian border. On the other hand, the API inventory data showed that US crude stockpiles fell by 1.1 million barrels last week.

CURRENCIES

In the currency market, the EURUSD surged to a fresh weekly high of 1.1394 on Wednesday. Risk-sensitive currencies such as the Australian dollar and the New Zealand dollar holding the gains against the greenback following an easing of geopolitical tensions.

GOLD

The Safe-haven metal slightly recovered from the early session losses, but the upside movement is limited as the Federal Reserve will reveal the minutes from its last meeting. At the time of writing, the metal trades were above $1856.

Economic Outlook

On the data front, the UK annual inflation has hit the highest level since 1992. The Consumer Prices Index (CPI) increased by 5.5 percent in January from 5.4 percent in December.

Moving ahead today, the important events to watch:

US: Retail sales – 13.30 GMT

US: FOMC meeting minutes – 19.00 GMT

Coronavirus update:

Worldwide, more than 410 million people have been confirmed infected and more than 5.8 million have died. The United States has confirmed over 77 million cases and has had more than 910,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1340 then 1.1300. On the flip side, the first resistance at 1.1400 any break above this level will open 1.1420/40 minimum.

eurusd

The important levels to watch for today: Support- 1.1340 and 1.1300 Resistance- 1.1400 and 1.1440.

GOLD: For today, the resistance for Gold is around 1865, any break over targets 1872/80. On the other side, the immediate support near 1844 and any break will drag the metal to 1836/30 levels.

gold neww

The important levels to watch for today: Support- 1844 and 1832 Resistance- 1865 and 1880.

Quote of the day - “It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” – Charlie Munger.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.

DAILY MARKET REPORT

DAILY MARKET REPORT

Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.