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DAILY MARKET REPORT

The US Federal Reserve meeting started on Tuesday, the two-day policy meeting that will conclude later today. The traders and investors anxiously waiting for the central bank’s interest-rate decision and views on the economic outlook.

DAILY MARKET REPORT

The US Federal Reserve meeting started on Tuesday, the two-day policy meeting that will conclude later today. The traders and investors anxiously waiting for the central bank’s interest-rate decision and views on the economic outlook. Several market participants expect the FED will increase the interest rate of 75 bps to tame surging inflation. While the investors also strongly waiting for the comments on inflation and future interest path from chairman Jerome Powell.

EQUITIES

European stocks rebounded from the previous session's lows ahead of the European Central Bank meeting. On the other hand, the US stock futures remain under pressure as investors braced themselves for a more aggressive interest rate hike by the Federal Reserve.

OIL

Crude oil prices fell to the fresh weekly low driven by the strong US dollar, equity market sell-off and weak API inventory data. The API data showed the US crude inventories increased by 0.736 million barrels in the week ended June 10th, compared to market expectations of a 1.314 million fall.

CURRENCIES

In the currency market, the Euro rebounded back to above 1.05 after the ECB said it will hold an emergency meeting today to discuss current market conditions. “The Governing Council will have an ad-hoc meeting on Wednesday to discuss current market conditions,” an ECB spokesperson said.

GOLD

The precious metal struggling to find upside momentum as traders and investors waiting for the Federal Reserve meeting outcome. Meanwhile, the metal slightly rebounded from the weekly lows after the USD gives back some of the gains.

Economic Outlook

On the data front, the US producer price index increased 0.8% mom in May of 2022, following a 0.4% rise in April. The core PPI, which excludes food and energy prices, was up 0.5%.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

US – FOMC interest rate decision and statement: GMT – 18.00

Coronavirus update:

Worldwide, more than 535 million people have been confirmed infected and more than 6.3 million have died. The United States has confirmed over 85.5 million cases and has had more than 1011,200 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The pair needs to stay above 1.0500 to have a chance to develop upside momentum in the near term. If the price break and closes above 1.0500, the next upside level to watch is 1.0550 then 1.0600/40. On the downside, if the index break below this week's low of 1.0400 the next immediate downside area is to watch 1.0350/40.

eurusd

The important levels to watch for today: Support- 1.0400 and 1.0350 Resistance- 1.0550 and 1.0640.

GOLD: For today, considering heavy volatility there are chances the metal can rally back to above the key resistance of $1840. On the downside, the decline is more extensive, and it will be hard to rule out a run towards $1786 if the metal breaks below $1800.

gold neww

The important levels to watch for today: Support- 1800 and 1786 Resistance- 1835 and 1850.

Quote of the day - “The individual investor should act consistently as an investor and not as a speculator.”  — Benjamin Graham.

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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.

DAILY MARKET REPORT

DAILY MARKET REPORT

US and Germany released disappointing consumer confidence data on Tuesday. US consumer confidence fell to a near-decade low with the index slipping to 98.7 in June from 103.20 in May. While Consumer confidence in Germany was negative 27.4 points in July.

DAILY MARKET REPORT

DAILY MARKET REPORT

EURUSD remains steady above 1.0580 following the hawkish comments from ECB President Lagarde. Lagarde speaks at the ECB Forum on Central Banking in Sintra, Portugal on Tuesday Morning. Lagarde said if the Inflation outlook doesn't improve, we will have enough information to act faster.