Back to daily news

DAILY MARKET REPORT

Crude oil prices remain under pressure ahead of an OPEC+ meeting later in the day. The members of the Organization of the Petroleum Exporting Countries and allies will meet to discuss a planned production increase of 432,000 barrels per day.

DAILY MARKET REPORT

Crude oil prices remain under pressure ahead of an OPEC+ meeting later in the day. During the early session, the oil prices fell to near the weekly lows by the news that the Biden administration is considering releasing 1 million barrels of oil a day for several months from the U.S. Strategic Petroleum Reserve.

Moving ahead, oil investors and traders across the globe waiting for the OPEC+ meeting decision to get a clear picture of the oil price's long term direction. The members of the Organization of the Petroleum Exporting Countries and allies will meet to discuss a planned production increase of 432,000 barrels per day.

At its last meeting on March 2, the Organization of the Petroleum Exporting Countries (OPEC), Russia and allied producers stuck to a plan for a modest output rise in April.

EQUITIES

US stock futures struggling to break new highs ahead of the US personal income and spending report for February, the Federal Reserve’s preferred gauge for inflation. The European shares trade slightly lower after the release of weak German macro-economic data. German retail sales reported by 0.3 percent in February, below market expectations of a 0.5 percent increase.

OIL

Crude oil futures traded near the session low. On the other hand, the EIA Petroleum Status Report showed the US crude oil inventories fell by 3.449 million barrels in the week ended March 25th, above market expectations of a 1.022-million-barrel decrease.

CURRENCIES

In the currency market, the Euro slightly reversed from the early gains following the release of weaker-than-expected German retail sales and employment data. Meanwhile, the British pound gained against the US dollar and Euro supported by strong GDP data.  

GOLD

The safe-haven metal reversed from the early session gains after the US dollar regains upside momentum. The metal is expected to be extra volatile today due to the month-end volatility.

Economic Outlook

On the data front, the UK reported better-than-expected latest GDP numbers. The British economy expanded 1.3% in the last quarter, stronger than initial estimates of a 1% increase, and following a downwardly revised 0.9% gain in the previous three months.

Moving ahead today, the important events to watch:

US – Initial jobless claims: GMT – 12.30

US –Personal income: GMT – 12.30

Coronavirus update:

Worldwide, more than 480 million people have been confirmed infected and more than 6.11 million have died. The United States has confirmed over 79.8 million cases and has had more than 975,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.1180, any break over targets 1.1210/30. On the other side, the immediate support is near 1.1100 and any break will drag the pair to 1.1070.

eurusd

The important levels to watch for today: Support- 1.1100 and 1.1070 Resistance- 1.1180 and 1.1230

GOLD: For today, the resistance for Gold around 1940, any break over targets 1945/50. On the other side, the immediate support near 1915 and any break will drag the metal to 1910 and 1900 levels.

gold neww

The important levels to watch for today: Support- 1920 and 1912 Resistance- 1936 and 1945.

Quote of the day - “I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso.

Read more

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.