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DAILY MARKET REPORT

Global stock markets have fallen sharply on Thursday as the Russian defence ministry has confirmed missile strikes against Ukrainian military and aviation targets, with reports of explosions in several cities and troops entering Ukrainian territory.

DAILY MARKET REPORT

Global stock markets have fallen sharply on Thursday as the Russian defence ministry has confirmed missile strikes against Ukrainian military and aviation targets, with reports of explosions in several cities and troops entering Ukrainian territory.

“France strongly condemns the decision of Russia to start a war with Ukraine. Russia must immediately put an end to its military operations." - French President Emmanuel Macron said.

“The prayers of the entire world are with the people of Ukraine tonight as they suffer an unprovoked and unjustified attack by Russian military forces,” US president, Joe Biden said.

“President Putin has chosen a path of bloodshed and destruction by launching this unprovoked attack on Ukraine. The UK and our allies will respond decisively.” – UK Prime Minister Boris Johnson said.

EQUITIES

US futures slightly recovered from the early session lows. During the Asian session, the US futures and Asian shares plunged the fresh monthly lows following the NATO confirmed an official invasion of Ukraine and reports indicated that Russian forces are attacking the Ukrainian border around Belarus. Meanwhile, trading on the Moscow Exchange has been suspended for a few hours because the Ruble and the Russian stock market fell to limits set by the Exchange.

OIL

Crude oil futures extend the rally on Thursday. Brent crude futures hit $100 per barrel for the first time since September 2014 after Russian President Vladimir Putin announced a special military operation on the territory of Donbas. Meanwhile, the API data showed the US crude inventories rose by 5.983 million barrels in the week ended February 18th 2022.

CURRENCIES

In the currency market, FX markets remain volatile and safe-haven currencies are in demand over escalating frictions between Russia and Ukraine. On the other hand, the Russian Ruble fell to a record level after the announcement of military operations in Ukraine.

GOLD

The Safe-haven metal reached a fresh 13 month high of $1952 on Thursday driven by the massive sell-off across the global equity markets. At the time of writing, the metal trades were above $1950.

Economic Outlook

On the data front, Eurozone consumer prices in January were 5.1 percent higher than in the same month last year. In December, the inflation rate was still 5.0 percent. Compared to the previous month, consumer prices rose by 0.3 percent.

Moving ahead today, the important events to watch:

US – GDP: GMT – 13.30

US – Jobless claims: GMT – 13.30

US – New home sales: GMT – 15.00

Coronavirus update:

Worldwide, more than 420 million people have been confirmed infected and more than 5.9 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

DOLLAR INDEX: The index slightly retreats from the daily highs. Moving ahead to the North American session, the USD traders should closely monitor the release of U.S. GDP data.

DXY

The important levels to watch for today: Support- 96.45 and 96.20 Resistance- 96.90 and 97.20.

GOLD: The precious metal trades above $1940. Overall, the momentum remained bullish throughout the European session. The important levels to watch today are $1930 and $1965.

gold neww

The important levels to watch for today: Support- 1930 and 1910 Resistance- 1950 and 1965.

Quote of the day - “Make a mistake, analyze the mistake, understand the mistake, then get over it and focus on the next trade in the ongoing series of trades.” Peter Brandt.

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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

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