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DAILY MARKET REPORT

Social network company Snap (NYSE: SNAP) is set to report financial results for the first quarter, after the market close today. The company is expected to post quarterly earnings of $0.17 per share and revenues are expected to be $1.04 billion.

DAILY MARKET REPORT

Social network company Snap (NYSE: SNAP) is set to report financial results for the first quarter, after the market close today. The company is expected to post quarterly earnings of $0.17 per share and revenues are expected to be $1.04 billion.

During the fourth quarter, Snap's total revenue increased 42% year over year and daily active users jumped 20% year over year to 319 million.

$SNAP key technical levels to watch today:

Support: $27.70 and $24

Resistance: $34.20 and $38

EQUITIES

US futures extended the gains on Thursday morning boosted by blockbuster first-quarter earnings results from the electric vehicle giant Tesla. The company posted total revenue of $18.8 billion, up 81% year-over-year. Tesla stock jumped more than 4% in after-hours trading Wednesday, after shedding nearly 5% of its value during regular trading.

OIL

Crude oil prices ended lower on Wednesday despite the release of better-than-expected EIA crude inventory data after the IMF on Tuesday slashed its forecast for global economic growth by nearly a full percentage point. The EIA data showed that the US crude oil inventories tumbled from 8.02 million barrels to 413.7 million barrels last week.

CURRENCIES

In the currency market, the Euro again rebounded back to above 1.0850 on Thursday against the US dollar supported by the Belgian central bank Governor Pierre Wunsch. Wunsch said European central bank policy rates could turn positive this year. Moving ahead, the Euro traders should monitor the release of Eurozone inflation data which is set to be released later in the day.

GOLD

The precious metal slightly recovered from the previous session's losses, but overall momentum remains bearish after the hawkish comments from the FED policymakers. At the time of writing, the metal trades above $1950.

Economic Outlook

On the data front, Canada’s annual inflation rate rose to 6.7 per cent in March, the highest level since January 1991. On a monthly basis, consumer prices rose 1.4%, surpassing forecasts of a 1% increase.

Moving ahead today, the important events to watch:

Eurozone – CPI: GMT – 09.00

US – Jobless claims: GMT – 12.30

US – Philly fed manufacturing index: GMT – 12.30

Coronavirus update:

Worldwide, more than 503 million people have been confirmed infected and more than 6.19 million have died. The United States has confirmed over 80 million cases and has had more than 988,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The pair holding the early gains against the dollar. if the bullish momentum continues the next upside level to watch in the 1.0940/50 zone. On the flip side, the immediate support at 1.0870 followed by 1.0840.

eurusd

The important levels to watch for today: Support- 1.0870 and 1.0840 Resistance- 1.0940 and 1.0980.

GOLD: Technically the overall momentum remains bearish, the immediate support for the Euro stands near the level of $1940. On the flip side, the first resistance at $1965 any break above this level will open $1980 minimum.

gold neww

The important levels to watch for today: Support- 1940 and 1930 Resistance- 1960 and 1965.

Quote of the day - “Wide diversification is only required when investors do not understand what they are doing.” – Warren Buffett.

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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.