Financial Market Journal

In the currency market

EUR: The euro fell for a second day in a row to close at 1.2154, down 0.02%. Technically, initial upside resistance stands at 1.2183, further resistance at 1.2214, key resistance at 1.2250; Initial downside support is placed at 1.2116, further support at 1.2080 and more critical support at 1.2049.

GBP: Sterling turned positive to close at 1.3686, up 0.34%. Technically, initial upside resistance stands at 1.3725, further resistance at 1.3764, key resistance at 1.3819; Initial downside support stands at 1.3631, further support at 1.3576 and more critical support at 1.3536.

JPY: USD/JPY reversed course to close 0.07% lower at 103.78. Technically, initial upside resistance stands at 104.14, further resistance at 104.49, key resistance at 104.78; Initial downside support is at 103.50, further support at 103.21 and more critical support at 102.86.

The stock market

New claims for U.S. jobless benefits rose to nearly 1 million last week, sending the Dow Jones Industrial Average tumbling lower after rising above 100 points on Thursday as markets waited for President-elect Joe Biden to unveil details of his latest bailout plan. At the close, the Dow was down 69.00 points, or 0.22 percent, at 30,991.52. The S&P 500 fell 14.30 points, or 0.38 percent, to 3,795.54. The Nasdaq closed down 16.30 points, or 0.12 percent, at 13,112.64, after hitting an intraday record high.

LONDON (MarketWatch) – European stocks ended higher on Thursday, with Italy’s FTSE MIB index ending lower, as hopes of a substantial fiscal stimulus from the incoming U.S. administration and news of a new vaccine boosted sentiment. The pan-European Stoxx 600 index closed up 2.93 points, or 0.72 percent, at 412.00. The travel and leisure sector rose 1.9% and utilities fell 0.4%. Germany’s DAX30 index closed up 48.99 points, or 0.35%, at 13,988.70. The FTSE 100 index closed up 56.44 points, or 0.84 percent, at 6,801.96. France’s CAC-40 index (FR: CAC-40, + 0.33%) closed up 18.47 points, or 0.33%, at 5681.14. The Euro Stoxx 50 index closed up 26.94 points, or 0.74 percent, at 3,643.45. ; Spain’s IBEX35 index closed up 9.90 points, or 0.12%, at 8,371.00. In Italy, the FTSE MIB index closed down 105.93 points, or 0.47 per cent, at 22,637.72.

Commodity markets

Spot gold settled at $1,846.38 an ounce, up $1.02, or 0.06 percent, from a low of $1,828.76 and a high of $1,857.41.

Comex February gold futures ended down 0.2 percent at $1,851.40 an ounce.

Crude oil futures rebounded Thursday from losses in the previous session after U.S. Energy Information Administration crude inventories fell for a fifth straight week last week and Chinese data showed a surge in imports. U.S. WTI crude for February delivery settled up 66 cents, or 1.25 percent, at $53.57 a barrel at press time. Brent crude for March delivery ended up 36 cents, or 0.64 percent, at $56.42 a barrel. However, oil producers’ efforts to balance supply and demand are facing unprecedented challenges as the pace of distribution and response to the new vaccine cloud the outlook, further limiting price gains.

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