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DAILY MARKET REPORT

The king dollar regains the upside momentum on Thursday following the release of the latest US inflation report. The inflation data showed that U.S. consumer inflation jumped 7.9 per cent over the past year, the sharpest spike since 1982 bolstered by rising gas and food prices.

DAILY MARKET REPORT

The king dollar regains the upside momentum on Thursday following the release of the latest US inflation report. The inflation data showed that U.S. consumer inflation jumped 7.9 per cent over the past year, the sharpest spike since 1982 bolstered by rising gas and food prices.

EQUITIES

Wall Street ended higher on Thursday, but the upside was capped because investors were cautious ahead of next week's FOMC meeting.  The US central bank is widely expected to raise interest rates by 25 basis points especially after the American inflation accelerated to a four-decade high last month.

OIL

Crude oil futures trade flat on Friday as the oil traders wait for any new developments in the Ukraine crisis. Meanwhile, the overall momentum remains mixed as highly awaited cease-fire talks between the foreign ministers of Russia and Ukraine failed.

CURRENCIES

In the currency market, the risk-linked currencies the Australian dollar and New Zealand dollar retreat from the highs on Friday as the talks between Russia and Ukraine yielded no progress as the war entered the third week on Thursday.

GOLD

The safe-haven metal continues to swing between losses and gains from the last two days. The metal struggling to hold above the $2000. Moving ahead to the North American session, the gold traders should closely monitor the release of the US March Michigan consumer sentiment report.

Economic Outlook

On the data front, The ECB failed to impress the investors on Thursday. The central bank said that its bond purchase program would be reduced sooner than previously expected, citing the inflationary pressures that the war in Ukraine has caused on the European continent.

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: For Euro, the first nearest support level is located at 1.0950. In case it breaks below this level, it will head towards the next support level which is located near 1.0900. On the upside, 1.1020 will act as an immediate and strong hurdle while 1.1080 will be a critical resistance zone because above this, bulls are likely to dominate.

eurusd

The important levels to watch for today: Support- 1.0950 and 1.0900 Resistance- 1.1020 and 1.1050.

GOLD: For today, the resistance for metal is around $2000, any break over targets $2006/20. On the downside, any meaningful pullback now seems to find some support near the $1980 zones, below which the slide could further get extended towards the $1970/55 region.

gold neww

The important levels to watch for today: Support- 1980 and 1965 Resistance- 2000 and 2020.

Quote of the day - The single most important advice I can give is, to learn from your mistakes. That is the only way to become a successful trader- David Ryan.

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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.