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DAILY MARKET REPORT

First-quarter earnings season kicks off on Wednesday and the Investors will shift their attention to major US banks' earnings this week. The big bank JPMorgan (NYSE: JPM) is scheduled to release results on Wednesday.

DAILY MARKET REPORT

First-quarter earnings season kicks off on Wednesday and the Investors will shift their attention to major US banks' earnings this week. The big bank JPMorgan (NYSE: JPM) is scheduled to release results on Wednesday, followed by Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC), Morgan Stanley (NYSE: MS) later in the week. JP Morgan is expected to post quarterly earnings of $2.74 per share and revenues are expected to be $31.22 billion.

EQUITIES

European shares opened lower on Wednesday while the UK stocks were flat after the release of inflation data. US stock futures remain volatile as the markets are unsettled by swings in volatility caused by the latest US inflation data and Federal Reserve meeting minutes.

OIL

Crude oil futures slightly retreat from the previous session gains following the release of weak API inventory data. The data showed the US crude inventories increased by 7.757 million barrels in the week ended April 8th of 2022.

CURRENCIES

In the currency market, the king dollar extended the rally on Wednesday following the release of the latest US inflation report. The inflation data showed that U.S. consumer inflation jumped 8.5 per cent over the past year, the sharpest spike since 1981 bolstered by rising gas and food prices. The CPI rose 1.2% month-on-month, while the core CPI rose 6.5% year on year and 0.3% month-on-month.

GOLD

The safe-haven metal remains steady above $1970 despite the strong US dollar. Moving ahead to the North American session, the gold traders should closely monitor the release of the US producer price index data.

Economic Outlook

On the data front, New Zealand's central bank increased its interest rate – official cash rate – by 50 basis points to 1.5% on Wednesday. "The Committee will remain focused on ensuring that current high consumer price inflation does not become embedded into longer-term inflation expectations," – RBNZ said.

Moving ahead today, the important events to watch:

US – PPI: GMT – 12.30

Canada – BOC interest rate decision and statement: GMT – 14.00

US – EIA crude inventories: GMT – 14.30

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: For Euro, the first nearest support level is located at 1.0800. In case it breaks below this level, it will head towards the next support level which is located near 1.0770. On the upside, 1.0880 will act as an immediate and strong hurdle while 1.0940 will be a critical resistance zone because above this, bulls are likely to dominate.

eurusd

The important levels to watch for today: Support- 1.0800 and 1.0770 Resistance- 1.0880 and 1.0940.

GOLD: For today, the resistance for metal is around $1980, any break over targets $2000/10. On the downside, any meaningful pullback now seems to find some support near the $1965 zones, below which the slide could further get extended towards the $1955/45 region.

gold neww

The important levels to watch for today: Support- 1965 and 1948 Resistance- 1980 and 2000.

Quote of the day - “More money has been lost trying to anticipate and protect from corrections than actually in them.” 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.