Financial Markets Daily

In the currency market

Euro: EurUSD turned lower, closing down 0.40% at 1.1809. Technically, the initial resistance to the upward movement of the exchange rate is at 1.1843, further resistance is at 1.1878, and the key resistance is at 1.1898. Initial support for the lower exchange rate is at 1.1788, further support at 1.1768, and more critical support at 1.1733.

Sterling: Fell for the third day in a row to close at 1.3021, down 0.10%. Technically, the initial resistance to the exchange rate upward is at 1.3066, further resistance is at 1.3111, and key resistance is at 1.3148. Initial support for the lower exchange rate is at 1.2984, further support at 1.2947, and more critical support at 1.2903.

Yen: UsdJPY turned higher, up 0.13% at 104.80. Technically, the initial resistance to the exchange rate upward is at 105.02, further resistance is at 105.25, and the key resistance is at 105.44. Initial support for the lower exchange rate is at 104.60, further support is at 104.41, and more critical support is at 104.18.

The stock market

A record number of COVID-19 cases were confirmed in the United States in a single day, And White House Chief of Staff Jeff Meadows said the administration would no longer contain the outbreak, raising market concerns, while talks on a new stimulus bill remain stalled. The Dow Jones Industrial Average closed down 650.19 points, or 2.29%, at 27685.38, after falling more than 950 points. The S&P 500 closed down 62.98 points, or 1.82%, at 3,402.41. The Nasdaq Composite index closed down 189.34 points, or 1.64%, at 11358.94.

European shares closed sharply lower on Monday, the first trading day of the winter season, as a surge in coVID-19 cases across the continent weighed on sentiment, while software giant SAP led technology shares lower. The Pan-European Stoxx 600 index closed down 6.55 points, or 1.81%, at 355.95. Germany’s DAX30 index closed down 46,857 points, or 3.71 percent, at 12,177.18. Britain’s FTSE 100 index closed down 68.27 points, or 1.16%, at 5,792.01. France’s CAC40 index closed down 93.52 points, or 1.91%, at 4,816.12. In Europe, the Stoxx 50 index closed down 92.31 points, or 2.89%, at 3,106.55. Spain’s IBEX35 index closed down 93.40 points, or 1.35%, at 6,800.00; Italy’s FTSE MIB index closed down 312.42 points, or 1.62%, at 18,972.99.

Commodity markets

Spot gold closed at $1,901.84 an ounce, up 75 cents, or 0.04 percent, after touching an intraday high of $1,908.20 an ounce and a low of $1,890.19.

COMEX gold for December delivery ended up 0.03 percent at $1,905.70 an ounce.

Oil prices closed sharply lower on Monday (October 26) after a surge in confirmed COVID-19 cases in the US and Europe raised alarm bells about crude demand and the prospect of increased supply dampened sentiment. U.S. WTI crude for December delivery ended down $1.29, or 3.24 percent, at $38.56 a barrel, a three-week low. Brent crude for December delivery ended down $1.31, or 3.13 percent, at $40.46 a barrel. Both major crude futures posted their first weekly losses in three weeks last week, with U.S. oil down 2.94 percent and U.S. oil down 3.05 percent.

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