Financial Markets Daily

In the currency market

Euro: The euro fell against the dollar for a fifth straight day, closing down 0.24% at $1.1644, down 1.79% for the week. Technically, the initial resistance to the exchange rate upward is at 1.1730, further resistance is at 1.1800, and the key resistance is at 1.1850. The initial support is at 1.1630, further support is at 1.1560, and more critical support is at 1.1496.

Sterling: GBP/USD gained for the first time in three days, closing 0.14% higher at 1.2946, down 0.68% on the week. Technically, the initial resistance is at 1.3000, further resistance is at 1.3090, and the key resistance is at 1.3180. The initial support is at 1.2865, the further support is at 1.2800, and the more critical support is at 1.2705.

Jpy: USDJPY rose for the second day in a row to close at 104.67, up 0.07% or 0.01% on the week. Technically, the initial resistance to the exchange rate upward is at 104.80, further resistance is at 105.20, and the key resistance is at 105.60. Initial support for the lower exchange rate is at 104.50, further support is at 104.00, and more critical support is at 103.50.

The stock market

Wall Street rebounded on Thursday and tumbled again on Friday, with the Dow down nearly 500 points and the Nasdaq down more than 3 percent, amid fears of a new epidemic blockade in Europe, lackluster earnings from FAAG technology stocks, a stimulus bill still on the horizon and an uncertain U.S. election. The Dow Jones Industrial Average closed down 157.50 points, or 0.59 percent, at 26501.60. The S&P 500 closed down 40.10 points, or 1.21%, at 3,270.04. The Nasdaq Composite index closed down 274.00 points, or 2.45%, at 10911.59.

European stocks were mixed on Friday after better-than-expected economic data from the euro zone, despite concerns about strengthening coVID-19 containment measures in some parts of the continent. The Pan-European Stoxx 600 index closed up 0.60 points, or 0.18%, at 342.36. Oil and gas stocks led the way, rising 1.9%; Germany’s DAX30 index closed down 41.59 points, or 0.36%, at 11556.48. Britain’s FTSE 100 index closed down 4.48 points, or 0.08%, at 5,577.27. France’s CAC-40 index closed up 24.57 points, or 0.54%, at 4,594.24. In Europe, the Stoxx 50 index closed 0.78 points, or 0.03 percent, lower at 2,959.25. Spain’s IBEX35 index closed up 39.20 points, or 0.61%, at 6,451.00. Italy’s FTSE MIB index closed up 70.83 points, or 0.40%, at 17,943.11.

Commodity markets

Spot gold closed at $1,878.49 an ounce, up 10.86 dollars, or 0.58 percent, after hitting an intraday high of $1,889.72 and a low of $1,878.49 an ounce. For the week, spot gold was down $22.60, or 1.19 percent. In October, spot gold was down $6.12, or 0.32 percent.

Gold futures for December delivery on the COMEX rose 0.6 percent to $1,879.90 an ounce after dropping 0.8 percent in October.

Fears grew that a surge in confirmed COVID-19 cases in Europe and the Americas could affect fuel consumption, but Kuwait eased the selling pressure by saying Opec + had no disagreement over extending current production cuts into next year. Oil prices extended their losses on Friday, with U.S. WTI crude for December delivery closed down 38 cents, or 1.05 percent, at $35.79 a barrel after hitting an intraday low of $35.21 a barrel. Brent crude for December delivery closed down 19 cents, or 0.50 percent, at $37.46 a barrel. Earlier in the session, IT closed down $1.22, or 3.26 percent, at $36.17 a barrel. Cloth oil closed down $1.47, or 3.76 percent, at $37.65 a barrel.

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