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DAILY MARKET REPORT

France, Eurozone, and the UK reported better-than-expected manufacturing PMI data on Friday. Moving ahead to the North American session, the US will release the latest manufacturing PMI numbers.

DAILY MARKET REPORT

France, Eurozone, and the UK reported better-than-expected manufacturing PMI data on Friday. Meanwhile, Germany's Manufacturing PMI fell to 54.1 in April from 56.9 in March, below forecasts of 54.1. Moving ahead to the North American session, the US will release the latest manufacturing PMI numbers.

  • France manufacturing PMI – Actual: 55.4 Forecast: 53.0 Previous: 54.7

  • Eurozone manufacturing PMI - Actual: 55.3 Forecast: 54.7 Previous: 56.5

  • UK manufacturing PMI - Actual: 55.3 Forecast: 54.0 Previous: 55.2

EQUITIES

Asian shares and US futures tumbled on Friday morning session after Federal Reserve Chairman Jerome Powell said that bigger rate hikes could be looming next month. "I would say 50 basis points will be on the table for the May meeting," Powell said at the International Monetary Fund Debate. The Fed in March raised its baseline interest rate by 25 basis points to a range of 0.25 to 0.5 percent.

OIL

Crude oil prices reversed from previous session gains weighed down by the prospect of higher interest rates. On the other hand, the downside sentiment is limited after US president Joe Biden decided to place sanctions on Russian oil.

CURRENCIES

In the currency market, the EURUSD retreats back to below 1.0850 after the US dollar regains upside momentum. On Thursday, the currency pair bounced and reached a fresh 2-week high of 1.0935 after the hawkish comments from the ECB policymakers. GBPUSD plunged more than 130 pips after the UK retail sales slump in March. March's retail sales dropped by 1.4%, compared to market forecasts of a 0.3% decline.

GOLD

The precious metal struggling to find the upside momentum pressured by strength in U.S. Treasury yields The yield on the benchmark 10-year Treasury note rose 9 basis points to 2.94%. The yield on the 30-year Treasury bond moved 9 basis points higher to 2.96%.

Economic Outlook

On the data front, the US Initial jobless claims came in slightly higher than expected at 184,000 for the week ending April 16, showing a decline of 2,000, the Labor Department reported Thursday.

Moving ahead today, the important events to watch:

Canada – Retail Sales: GMT – 12.30

US – Manufacturing PMI: GMT – 13.45

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 currency pair retreated back to below 1.0800. Any break below 1.0770 will open the doors to 1.0750 and 1.0720. On the upper side, the immediate resistance at 1.0840/50.

eurusd

The important levels to watch for today: Support- 1.0770 and 1.0750 Resistance- 1.0840 and 1.0870.

GOLD: The yellow metal trading weaker below $1950 supported by $1936. Today, gold is again expected to face resistance at around $1960 along with support around $1936 and $1930.

gold neww

The important levels to watch for today: Support- 1936 and 1930 Resistance- 1950 and 1965.

Quote of the day - “Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.”- Michael Carr.

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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.