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DAILY MARKET REPORT

FedEx Corporation (NYSE: FDX), the global courier delivery services company is set to report financial results for the fourth quarter today after the market close. The company is expected to post quarterly earnings of $6.91 per share and revenues are expected to be $24.57 billion.

DAILY MARKET REPORT

FedEx Corporation (NYSE: FDX), the global courier delivery services company is set to report financial results for the fourth quarter today after the market close. The company is expected to post quarterly earnings of $6.91 per share and revenues are expected to be $24.57 billion. For the third quarter, FedEx reported earnings of $4.59 per share on revenues of $23.64bn. During the last week, the FedEx shares bounced more than 15% after the company raised its quarterly dividend by 53%.

$FDX key technical levels to watch for today:

Support: $217 and $200

Resistance: $240 and $247

EQUITIES

US futures retreated from the previous session highs. On Wednesday, Wall Street ended slightly higher after Fed Chair Jerome Powell showed the central bank’s commitment to fighting inflation. Powell said that the U.S. economy is not at the point of a recession in the near term.

OIL

Crude oil futures fell back to near the previous session lows following the release of a weak API report. The API data showed the US Crude inventory rose 5.6 million barrels, compared with the draw of 1.43 million barrels expected.

CURRENCIES

In the currency market, the Japanese yen slightly regains the momentum against the US dollar supported by the comments from the Japanese Vice Finance Minister. He said the current weak yen is detrimental to Japan's economy and he also said that a 'possibility of FX intervention can't be eliminated.

GOLD

The precious metal remains volatile. On Wednesday, the metal rose to a fresh weekly high of $1847 after the US dollar gave back the gains. While on Thursday morning session, the metal reversed back to near $1830 area.

Economic Outlook

On the data front, Canada’s annual inflation rate skyrocketed to 7.7% in May 2022 and up from a 6.8 percent gain in April, the highest since January 1983. On a monthly basis, the CPI rose 1.4 percent in May, following a 0.6 percent increase in April.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US –Manufacturing PMI: GMT – 13.45

US – EIA crude inventories: GMT – 15.00

Coronavirus update:

Worldwide, more than 539 million people have been confirmed infected and more than 6.3 million have died. The United States has confirmed over 86 million cases and has had more than 1013,200 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the first support for the pair appears to be around 1.0490, in the short-term any break below 1.0490 the next downside level is to watch 1.0460/40. On the other upper side, the immediate resistance is around 1.0550 any break and close above this level will open at 1.0590.

eurusd

The important levels to watch for today: Support- 1.0490 and 1.0460 Resistance- 1.0550 and 1.0590.

GOLD: For today, the immediate support for the gold stands near the level of 1828. On the flip side, the first resistance at 1840 any break above this level will open 1848/50 minimum.

gold neww

The important levels to watch for today: Support- 1830 and 1824 Resistance- 1842 and 1850.

Quote of the day - There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer - Jack Schwager.

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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.