Back to daily news

DAILY MARKET REPORT

Countries around the world planning to reopen businesses and get their economies back on track. Spain plans to start easing restrictions on Sunday and Italy on May 4. France will announce its plans next month. New York may start reopening manufacturing and construction after May 15, Governor Andrew Cuomo said. 

DAILY MARKET REPORT
Countries around the world planning to reopen businesses and get their economies back on track. Spain plans to start easing restrictions on Sunday and Italy on May 4. France will announce its plans next month. New York may start reopening manufacturing and construction after May 15, Governor Andrew Cuomo said. 

EQUITIES

Asian shares bounced on Monday as the Bank of Japan (BOJ) announced more stimulus steps to help cushion the economic impact of the coronavirus. The Nikkei225 finished the day much higher up 2.71%

OIL

The price of a barrel of US oil fell by 9% on Monday in the Asian markets and Brent oil fell 3.2% to $ 20.75. According to latest estimates expect global oil demand to reduce by at least 30% this year.

CURRENCIES

AUD/USD is up to its highest levels since 12 March at around 0.6463 while EUR/USD has recovered from one-month lows on Friday to around 1.0850 now.

GOLD

Gold prices fell on Monday as equities gained on improved risk appetite boosted by fresh stimulus from the Japanese central bank and countries planned easing of coronavirus-led lockdowns. 

Economic Outlook 

Prime Minister Boris Johnson returned to work on Monday after recovering from COVID-19. He has said that coronavirus is the single biggest challenge this country has faced since the war. 

This week there are lot important economic events including FOMC meeting and the ECB interest rate decision. It will be one of the busiest weeks there are 173 companies in the S&P 500 will report earnings this week, including Apple, Amazon, Facebook, Microsoft, Caterpillar, Ford, General Electric and Chevron.

Coronavirus Update: Russia has reported 6,198 new confirmed coronavirus cases versus 6,361 on the previous day, which took the national tally of infections to 87,147. In France, 242 losses of life were reported on Sunday, the lowest in more than a month. Meanwhile, Germany confirmed 110 deaths on Monday, the lowest since mid-March. Death toll in India rose to 872, while COVID-19 cases climbed to 27,892, as per health ministry data.

Technical Outlook

GOLD: The gold price started this week with a bearish note, currently the pair trading below $1720.

The important levels to watch for today: Support- $1708 and $1700   Resistance- $1738 and $1750.

EUR/USD: The pair recovered from the last week low and currently trading above 1.0840 against the dollar.  

The important levels to watch for today: Support- 1.0810 and 1.0770   Resistance- 1.0880 and 1.0910.

Quote of the day: People need to have the incentive that if they invest and succeed, they can make a fair profit. Otherwise, they will stop investing- Steve Jobs. 

Read more

DAILY MARKET REPORT

DAILY MARKET REPORT

Crude Oil price struggles to find an upside direction as the oversupply concerns increase after data from both the EIA and API showed a surprise build in US crude inventories last week. According to the EIA Petroleum Status Report, US crude oil stocks rose by 5.654 million barrels in the week ended July 3rd, 2020 and the API report also shows a build of 2 million barrels in crude oil inventories. The Oil investors and trader’s attention now turns towards the OPEC and its allies (OPEC+) meeting scheduled on July 15 for fresh updates on the oil output cuts policy.

DAILY MARKET REPORT

DAILY MARKET REPORT

The British pound trading strong against the Dollar and Euro after the new £30 billion fiscal stimulus plan. On Wednesday UK Chancellor Rishi Sunak's announced fresh stimulus measures to support jobs and activity in the UK disappointed investors. Other measures included a stamp duty holiday, a £3 billion green investment package and a temporary cut to VAT on tourism and hospitality.

DAILY MARKET REPORT

DAILY MARKET REPORT

Gold price climbed above $1,800 an ounce during the European session, the first time since 2011. The overall momentum remained bullish throughout this week as investors turned to safe-haven assets amid a spike in coronavirus cases in several countries across the globe.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia (RBA) left official interest rates at the historical low of 0.25% on its monthly meeting on Tuesday. RBA governor Philip Lowe said, "Uncertainty about the health situation and the future strength of the economy is making many households and businesses cautious, and this is affecting consumption and investment plans,"