Back to daily news

DAILY MARKET REPORT

Moving ahead to the new week investors and traders will likely monitor PMI surveys, geopolitical headlines, ECB, RBA, BOC rates, US non-farm payrolls. A series of manufacturing surveys released today,

DAILY MARKET REPORT

Moving ahead to the new week investors and traders will likely monitor PMI surveys, geopolitical headlines, ECB, RBA, BOC rates, US non-farm payrolls. A series of manufacturing surveys released today,

Eurozone Manufacturing PMI ➜ Actual 39.4(above April's all-time low of 33.4) vs. 39.5 expected

GBP Manufacturing PMI ➜ Actual 40.7 vs. 40.7 expected

Germany Manufacturing PMI ➜ Actual 36.6 vs. 36.8 expected

Caixin China Manufacturing PMI ➜ Actual 50.7 vs. 49.6 expected

India Manufacturing PMI ➜ Actual 30.8(record low of 27.4 in the previous month) vs. 38 expected

EQUITIES

European stocks traded higher on Monday, amid optimism over a global economic recovery as countries continue to gradually reopen their economies. Philippine shares hit a seven-week high, the stocks supported after President Rodrigo Duterte was offering a cash reward to entice city-dwellers to move out of the capital of Manila which in recent decades has become one of the most heavily populated areas in the country.

OIL

Oil price unchanged on Monday ahead of the upcoming OPEC meeting where leading oil producers could decide on whether to extend production cuts or not.

CURRENCIES

EUR/USD trading below two months high on Monday as the inventors awaiting for ECB meeting on Thursday where it is widely expected to raise its asset-buying by around 500 billion euros to 1.25 trillion.

GOLD

Gold prices jumped to their highest in more than a week on Monday, underpinned by tensions between the US and China over the latter's national security legislation on Hong Kong.

Economic Outlook

On Friday Donald Trump said that the United States was terminating its relationship with the World Health Organization (WHO) due to its mishandling of the coronavirus pandemic, claiming China has total control of the agency. He also began the process of ending Hong Kong's special status but did not withdraw from the US-China phase-one trade deal.

Moving ahead today, the important events to watch

US manufacturing PMI – 13.45 GMT

US ISM manufacturing PMI – 14.00 GMT

Coronavirus Update:

Coronavirus cases have crossed 6.2 million marks worldwide, taking positive patients toll to 6,262,422 with 3,73,848 deaths while 2,846,477 have recovered. The US continues to remain the worst-hit country with positive cases toll at 1,837,170 including 1, 06,195 deaths. Following the US, is Brazil with the second-most maximum number of coronavirus cases 5,14,849 including 29,314 deaths and Russia with 4,05,843 cases including 4,693 deaths.

Technical Outlook

AUD/USD: During the European session the Australian dollar traded 4 - month high of 0.6770.

audusd

The important levels to watch for today: Support- 0.6710 and 0.6670   Resistance- 0.6780 and 0.6810.

EUR/USD: The pair fell slightly to 1.1110 after it climbed above 1.1150 during the European session.

cruse

 The important levels to watch for today: Support- 1.1090 and 1.1050 Resistance- 1.1160 and 1.1200.

Quote of the day: Without passion, you don’t have energy. Without energy, you have nothing- Warren Buffet.

 

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,"