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DAILY MARKET REPORT

The leading semiconductor company Advanced Micro Devices (NASDAQ: AMD) is scheduled to report its first-quarter 2022 earnings on Tuesday, May 3, after the market close. The company is expected to post quarterly earnings of $0.91 per share and revenues are expected to be $5.5 billion.

DAILY MARKET REPORT

The leading semiconductor company Advanced Micro Devices (NASDAQ: AMD) is scheduled to report its first-quarter 2022 earnings on Tuesday, May 3, after the market close. The company is expected to post quarterly earnings of $0.91 per share and revenues are expected to be $5.5 billion.

$AMD closed more than 5% higher on Monday while the stock is down more than 35% for the year-to-date. On the daily time frame, the $AMD is currently supported at $84/80, and the resistance is above $100.

EQUITIES

UK and European stocks opened higher on Tuesday supported by better-than-expected macro-economic data and robust earnings results. UK Manufacturing PMI increased higher to 55.8 in April, compared to the market expectation of 55.3. On the earnings front, French bank BNP Paribas's share price bounced 3.2% as it reported a better-than-expected 19% rise in net income.

OIL

Crude oil futures slightly retreated from the previous session highs. The oil prices ended higher on Monday as the EU is reportedly leaning toward a ban on Russian oil imports by year-end after discussions over the weekend. The overall momentum remains mixed due to the recent virus outbreaks in China’s largest cities and hawkish FED expectations.

CURRENCIES

In the currency market, the Australian dollar remains extra volatile on Tuesday after the Reserve Bank of Australia has lifted the official interest rate to 0.35 per cent. RBA governor Phil Lowe said the official interest rate could reach a “more normal level” of 2.5 per cent before the bank stops lifting rates.

GOLD

The safe-haven metal extended its loss on Tuesday weighed down by a strong US dollar and the treasury yields stay near the three-year highs. Moving ahead to the North American session, the gold traders should closely monitor the release of US factory orders and Jolts job openings data.

Economic Outlook

On the data front, the US reported the latest ISM manufacturing data. The data showed the ISM PMI fell to 55.4 in April, down from 55.7 in the prior month and the lowest rate since July 2020. "The US manufacturing sector remains in a demand-driven, supply chain-constrained environment," ISM said.

Moving ahead today, the important events to watch:

US – Factory orders: GMT – 14.00

US – JOLTS job openings: GMT – 14.00

Coronavirus update:

Worldwide, more than 514 million people have been confirmed infected and more than 6.23 million have died. The United States has confirmed over 81 million cases and has had more than 993,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bearish, the immediate support for the Euro stands near the previous month's low of 1.0470 followed by 1.0440. On the flip side, the first resistance at 1.0570 any break above this level will open 1.0610/50 minimum.

eurusd

The important levels to watch for today: Support- 1.0470 and 1.0440 Resistance- 1.0540 and 1.0570.

GOLD: For today, as long as the metal trades below $1870 levels, the medium-term downtrend will remain in place. On the upper side, $1865 is the immediate support level, followed by $1870.

gold neww

The important levels to watch for today: Support- 1850 and 1845 Resistance- 1865 and 1870.

Quote of the day - "Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt. After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference" - Paul Tudor Jones

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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.