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DAILY MARKET REPORT

The Euro and European shares ended higher on Wednesday ahead of the European Central Bank meeting. The ECB Monetary Policy Statement is set to be released at 12:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 13:30.

DAILY MARKET REPORT

The Euro and European shares ended higher on Wednesday ahead of the European Central Bank meeting. The ECB Monetary Policy Statement is set to be released at 12:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 13:30.

The recent comments from the ECB officials indicate that the ECB had been on its way to announcing the first steps of a policy normalisation at the March meeting. However, several market participants expect the central bank might delay rate hikes until late in the year as the policymakers remain concerned about the economic impact of the war in Ukraine.

EQUITIES

Wall Street and global equities ended higher on Wednesday following the positive comments from Russia's foreign minister Sergei Lavrov and Ukrainian President Volodymyr Zelenskyy. Russia also announced a new ceasefire in Ukraine on Wednesday to let civilians flee besieged cities.

OIL

Crude oil prices reversed from 2008 highs after the president of Ukraine indicated he's open to discussing a compromise with Russia Meanwhile, UAE said it will be encouraging OPEC to consider higher output to ease the turmoil in the energy markets.

CURRENCIES

In the currency market, The EURUSD trades steady above 1.1050 on Thursday, focus shifts to the ECB decision. The dollar index, which tracks the U.S. currency against six major peers retreats back to below 98.00 from the two-year peak while the safe-haven yen slipped to a one-month low of 116 per dollar.

GOLD

The safe-haven metal as the situation in Ukraine has been relatively calm for the past 2 days, as humanitarian corridors are now opened to evict civilians of battling zones and cities. On Wednesday, Russia said it prefers to ensure Ukraine's neutral status through talks.

Economic Outlook

On the data front, the US reported strong JOLTS US Job Openings data. The report showed the number of job openings in the United States was 11.263 million in January of 2022, down slightly from a revised record of 11.448 million in December.

Moving ahead today, the important events to watch:

US – ECB interest rate decision and statement: GMT – 12.45

US – CPI: GMT – 13.30

Coronavirus update:

Worldwide, more than 445 million people have been confirmed infected and more than 6 million have died. The United States has confirmed over 79 million cases and has had more than 960,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: The currency pair rebounded after it found strong buyers near the 1.0800 area. If the bullish momentum continues the next upside levels to watch 1.1100 and 1.1180. On the downside, 1.10 remain a key support level to watch for today.

eurusd

The important levels to watch for today: Support- 1.1000 and 1.0950 Resistance- 1.1100 and 1.1180.

GOLD: The yellow metal retreats back to near $1970 after it failed to hold above the $2070 resistance area. The key technical levels to watch this week are $1950 and $2020.

gold neww

The important levels to watch for today: Support- 1970 and 1950 Resistance- 2000 and 2020.

Quote of the day - I have found that when the market’s going down and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy. – Peter Lynch.

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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.