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DAILY MARKET REPORT

The Euro bounced against the US dollar on Thursday boosted by hawkish comments from the European central bank. However, the bulls will need to regain the 1.0640 level if they want to continue their ascent towards 1.0700/50.

DAILY MARKET REPORT

The Euro bounced against the US dollar on Thursday boosted by hawkish comments from the European central bank. The ECB minutes showed that a majority of the governing council members expressed concerns over rising inflation. A rate hike in July is no longer uncertain, the only uncertainty is whether it will be 25bp or 50bp. However, the bulls will need to regain the 1.0640 level if they want to continue their ascent towards 1.0700/50.

EQUITIES

US stock futures struggling to find upside momentum following the previous session's sell-off. On Thursday, Wall Street extended the losses after the release of weaker-than-expected US macro-economic data and disappointing earnings results.

OIL

Crude oil prices rebounded and ended slightly higher on Thursday supported by the weaker US dollar and better-than-expected weekly crude inventories report from EIA and API. However, the overall momentum remains bearish for this whole week.

CURRENCIES

In the currency market, the Greenback, in terms of the US Dollar Index (DXY), corrected lower this week driven by weak US economic data. The British pound advanced against the US dollar but failed close above 1.2500 as the traders remain concerned over the rising inflation. The latest UK CPI data showed the UK inflation rising to a 40-year record.

GOLD

The safe-haven metal trades steady above $1840 on Friday as the concerns about the global economy boosted demand for havens. The metal also getting additional support from the weaker US dollar and recent equity market sell-off.

Economic Outlook

On the data front, US initial jobless claims rose by 21 thousand to 218 thousand in the week ended May 14th, compared to a revised 197 thousand in the prior period. The Philadelphia Federal Reserve business index plunged 15 points to a reading of 2.6, notching a two-year low.

Coronavirus update:

Worldwide, more than 521 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair retreated back to below 1.0570 on Friday morning. On the downside, 1.0520 will act as an initial cushion, any break below this level will open doors to 1.0470/50. On the flip side, if the bullish momentum continues the key resistance area to watch 1.0640/50.  

eurusd

The important levels to watch for today: Support- 1.0540 and 1.0520 Resistance- 1.0610 and 1.0640.

GOLD: For today as long as the metal trades above $1830 levels, the medium-term uptrend will remain in place. On the downside, $1835 is the immediate support level, followed by $1830. Further selling pressure will intensify only if the Index break below $1830 levels.

gold neww

The important levels to watch for today: Support- 1835 and 1830 Resistance- 1848 and 1865.

Quote of the day - Think for yourself and don’t let the market direct you. Security prices sometimes fluctuate, not based on any apparent change in reality, but on changes in investor perception- Seth Klarman.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Video games retailer GameStop (NYSE: GME) stock spikes almost 9% in pre-market trading on Thursday after the company announced a four-for-one stock split, with the decision effective from July 22nd.

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.