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DAILY MARKET REPORT

The Australian dollar extended the gains against the US dollar and Euro after the RBA meeting, the AUDUSD increased to its highest level since June 2021.

DAILY MARKET REPORT

The Australian dollar extended the gains against the US dollar and Euro after the RBA meeting, the AUDUSD increased to its highest level since June 2021. The central bank left the cash rate at a record-low 0.1 per cent but paves the way for a rise in the coming months.

"Inflation has picked up and a further increase is expected, but labor cost growth has been below rates that are likely to be consistent with sustainable inflation on target” – RBA said.

EQUITIES

European shares traded lower on Tuesday as investors fear new sanctions on Moscow could have negative repercussions on European growth. Moving ahead to the North American session, the investors should monitor the speech of Ukrainian President Volodymyr Zelenskyy. He will speak Tuesday during a United Nations (UN) Security Council meeting on the conflict in his country.

OIL

Crude oil futures hold the previous session gains supported by the continued uncertainty around the Ukraine crisis and fears mounting after Europe indicated tighter sanctions on Russia.

CURRENCIES

In the currency market, the US dollar remains steady as Investors have been buying into the safe-haven currency as global market sentiment remains cautious. The dollar also was supported but solid U.S. jobs data last week eased concerns about moderating growth. Meanwhile, the EURUSD stays below the psychological support 1.1000 level.

GOLD

The Safe-haven metal struggling to find the upside momentum above $1930. However, the fundamental picture is generally quite optimistic, and the geopolitical tensions provide additional support to the quotes.

Economic Outlook

On the data front, the UK reported stronger-than-expected services PMI data. The services PMI jumped to 62.6, up from 60.5 in February. On the other hand, the Eurozone and German PMI came better than expected.

Moving ahead today, the important events to watch:

US – Services PMI: GMT – 13.45

US –ISM services PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 490 million people have been confirmed infected and more than 6.13 million have died. The United States has confirmed over 80 million cases and has had more than 980,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.1030, any break over targets 1.1080 minimum. On the other side, the immediate support is near 1.0940 and any break will drag the pair to 1.0910 and 1.0890 levels.

eurusd

The important levels to watch for today: Support- 1.0960 and 1.0940 Resistance- 1.1000 and 1.1030

GOLD: The precious metal remains under pressure a clear breakdown of the support at $1910 could open space for further declines while only a recovery to $1,950 would reverse the short-term negative trend.

gold neww

The important levels to watch for today: Support- 1918 and 1910 Resistance- 1936 and 1945.

Quote of the day - "To win in the markets, we need to master three essential components of trading: Sound psychology, a logical trading system, and an effective risk management plan.”

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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.