Financial Markets Daily

In the currency market

Euro: EurUSD turned higher, closing 0.35% higher at $1.1859, up 1.2% for the week. Technically, the initial resistance to the exchange rate upward is at 1.1880, further resistance is at 1.1940, and the key resistance is at 1.2000. Initial support for the lower exchange rate is at 1.1760, further support is at 1.1680, and more critical support is at 1.1611.

Sterling: Sterling fell for a second day against the DOLLAR, closing down 0.31% at 1.3040, up 0.98% on the week. Technically, the initial resistance to the exchange rate upward is at 1.3175, further resistance is at 1.3270, and key resistance is at 1.3395. The initial support is at 1.3000, the further support is at 1.2880, and the more critical support is at 1.2665.

Yen: UsdJPY turned lower, closing down 0.10% at 104.69, down 0.67% on the week. Technically, the initial resistance to the exchange rate upward is at 105.50, further resistance is at 106.00, and the key resistance is at 106.40. Initial support for the lower exchange rate is at 104.50, further support is at 104.00, and more critical support is at 103.10.

The stock market

Wall Street investors focused on how soon the bailout plan would be implemented, with stocks swinging lower after opening slightly higher on Friday, extending the Dow’s mid-point loss to more than 180 points. Shares of chip maker Intel jumped more than 10 percent after its quarterly results, dragging on technology shares. At the close, the Dow Jones Industrial Average was down 28.10 points, or 0.10%, at 28335.57. The S&P 500 index closed up 11.90 points, or 0.34%, at 3,465.39. The Nasdaq Composite index closed up 42.30 points, or 0.37%, at 11548.28.

London (Marketwatch) – European stocks closed higher on Friday as investors closely watched signs of progress on a U.S. economic stimulus bill and digested a slew of big corporate earnings reports. The Pan-European Stoxx 600 index closed up 2.23 points, or 0.62%, at 362.50. Banks jumped more than 2.5 per cent on strong earnings, while retail stocks fell about 0.9 per cent. Germany’s DAX30 index closed up 102.69 points, or 0.82%, at 12,645.75. The FTSE 100 index closed up 74.63 points, or 1.29%, at 5,860.28. The Cac-40 index in France closed up 58.26 points, or 1.20%, at 4,909.64. In Europe, the Stoxx 50 index closed up 26.04 points, or 0.82%, at 3,197.45. Spain’s IBEX35 index closed up 96.40 points, or 1.42%, at 6893.00. Italy’s FTSE MIB index closed up 208.46 points, or 1.09%, at 19,285.41.

Commodity markets

Spot gold closed at $1901.09 an ounce, down $1.88, or 0.1 percent, after hitting an intraday high of $1,913.83 and a low of $1,893.33 an ounce. This week, spot gold rose $1.96, or 0.1 percent, to an intraday high of $1,930.85 an ounce and a low of $1,893.33.

COMEX gold futures for December delivery settled up 0.03 percent at $1,905.20 an ounce, down less than 0.1 percent on the week.

The final U.S. presidential debate had no obvious immediate impact on oil prices on Friday, but Biden’s clean energy plan put oil and oil stocks in the spotlight. Meanwhile, a fresh surge in confirmed COVID-19 cases around the world and uncertain prospects for negotiations on a new COVID-19 rescue plan: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin traded accusations on Friday that they should help push the talks forward, as the chances of passing a stimulus bill before the election quickly faded and oil prices ended the day lower. U.S. WTI crude for December delivery ended down 79 cents, or 1.94 percent, at $39.85 a barrel at press time. Brent crude for December delivery ended down 69 cents, or 1.62 percent, at $41.77 a barrel. Both major oil futures posted their first weekly losses in three weeks this week. Earlier in the session, U.S. Oil closed up 61 cents, or 1.52 percent, at $40.64 a barrel. Cloth oil closed up 73 cents, or 1.75 percent, at $42.46 a barrel.

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