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DAILY MARKET REPORT

Asian shares and stock markets around the world remain under pressure as investors panic about the deadly coronavirus spreading in Shanghai China and will impact global growth.

DAILY MARKET REPORT

Asian shares and stock markets around the world remain under pressure as investors panic about the deadly coronavirus spreading in Shanghai China and will impact global growth. China reported 1,272 new COVID-19 cases during the past 24 hours, While on Tuesday, the Chinese share slightly recovered after Shanghai started easing its lockdown in some areas. The recent strong bearish momentum is also driven by a bigger-than-expected inflation figure from China added to concerns over the country’s ongoing battle against Covid-19.

EQUITIES

US futures trade near the weekly lows ahead of March US inflation data. The CPI is expected to report an 8.4% annual increase, which is all set to mark the highest inflation in the US in decades. Wall Street closed sharply lower on Monday; technology companies led a broad slide in stocks Monday on Wall Street.

OIL

Crude oil futures rebounded from the previous session's losses, but the overall momentum remains bearish hurt by continued demand worries amid lockdowns in China. During the previous session, the oil prices ended lower as investors awaited details on further EU sanctions on Russian oil.

CURRENCIES

In the currency market, the EURO plunged to a fresh weekly low, the currency pair affected by Eurozone growth concerns. Meanwhile, the US dollar index extended gains and the greenback may gain more bullish momentum in case of a positive CPI report during the US session today.

GOLD

The safe-haven metal trade flat on Tuesday as traders took a cautious stance ahead of the release of US inflation results. On Monday, the metal rose to a fresh monthly high of $1968 driven by geopolitical tensions and the prevailing concerns over rising inflation.

Economic Outlook

On the data front, the UK's gross domestic product inched up 0.1% in February following a 0.8% growth in January, the Office for National Statistics said. UK Manufacturing production fell 0.4% in February, compared to market expectations of a 0.3 percent increase.

Moving ahead today, the important events to watch:

Germany – Zew economic sentiment: GMT – 09.00

US – CPI: GMT – 12.30

Coronavirus update:

Worldwide, more than 499 million people have been confirmed infected and more than 6.18 million have died. The United States has confirmed over 80 million cases and has had more than 985,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair trades below 1.0870. In the short-term, if the bearish momentum continues the next downside levels to watch 1.0840 and 1.0810. On the flip side, the immediate resistance is at 1.0900 and then 1.0940.

eurusd

The important levels to watch for today: Support- 1.0840 and 1.0810 Resistance- 1.0900 and 1.0940.

GOLD: For today, the first resistance is located around $1965, a break above this level will confirm a possible move to $1970/80. On the downside, any meaningful pullback now seems to find some support near the $1945 zones, below which the slide could further get extended towards the $1930/26 region.

gold neww

The important levels to watch for today: Support- 1945 and 1930 Resistance- 1965 and 1974.

Quote of the day - “Only enter a trade after the action of the market confirms your opinion and then enter promptly” - Jesse Livermore.

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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.