Financial Markets Daily

In the currency market

Euro: The euro fell against the dollar for the sixth day in a row, closing down 0.04% at 1.1639. Technically, the initial resistance to the exchange rate upward is at 1.1656, further resistance is at 1.1672, and key resistance is at 1.1690. Initial support for the lower exchange rate is at 1.1622, further support is at 1.1605, and more critical support is at 1.1589.

Sterling: Sterling turned lower against the DOLLAR, closing down 0.22% at 1.2918. Technically, the initial resistance to the exchange rate upward is at 1.2955, further resistance is at 1.2993 and key resistance is at 1.3043. Initial support for the lower exchange rate is at 1.2867, further support at 1.2817, and more critical support at 1.2779.

Yen: Dollar/jpy rose for the third day in a row to close at 104.75, up 0.08%. Technically, the initial resistance to the exchange rate upward is at 104.95, further resistance is at 105.17, and the key resistance is at 105.39. Initial support for the lower exchange rate is at 104.52, further support is at 104.30, and more critical support is at 104.09.

The stock market

London (Marketwatch) – European stocks closed higher on Monday as positive manufacturing data from the euro zone and China boosted sentiment and as markets awaited the U.S. election. The Pan-European Stoxx 600 index closed up 5.50 points, or 1.61%, at 347.86. Germany’s DAX30 index closed up 231.80 points, or 2.01%, at 11788.28. The FTSE 100 index closed up 77.70 points, or 1.39%, at 5,654.97. The CAC-40 index in France closed up 96.90 points, or 2.11%, at 4,691.14. The Stoxx 50 index in Europe closed up 61.24 points, or 2.07 percent, at 3,019.45. Spain’s IBEX35 index closed up 132.80 points, or 2.06 percent, at 6,585.00. Italy’s FTSE MIB index closed up 456.92 points, or 2.55 per cent, at 18,400.03.

The Dow Jones Industrial Average rose 541 points on Monday, the eve of the presidential election, before hitting an intraday high of 27,043. But with the election uncertain and the market waiting for the Federal Reserve meeting and the October non-farm payrolls report, the Dow Jones industrial Average lost more than half of its gains to as little as 189 points before briefly dipping to 26,691 as a number of heavy tech stocks retreated. The nazhi has been the first to fall in the middle. At the close, the Dow Jones Industrial Average was up 423.50 points, or 1.60%, at 26925.05. The S&P 500 ended up 40.30 points, or 1.23%, at 3,310.24. The Nasdaq Composite Index closed up 46.00 points, or 0.42%, at 10957.61.

Commodity markets

Spot gold closed at $1894.79 an ounce, up $16.00, or 0.85 percent, after touching as high as $1895.77 an ounce and as low as $1873.36. Last week, spot gold fell $22.60, or 1.19 percent. In October, spot gold was down $6.12, or 0.32 percent.

Gold futures for December delivery closed up 0.7 percent at $1,892.50 an ounce on COMEX, the second consecutive day of gains.

Traders braced themselves for potential turmoil during the US presidential election on November 3 amid fears that a series of Coronavirus lockdown measures in Europe will dent demand for fuel. Oil bucked the trend in U.S. trading on Monday, with U.S. WTI crude for December delivery closing up $1.02, or 2.85 percent, at $36.81 a barrel after falling to a new low of $33.64 a barrel in early Asian trading. Brent crude for December delivery closed up $1.51, or 4.03 percent, at $38.97 a barrel. Last week, IT fell $4.06 to close at $35.79 a barrel, down 10.19 percent for the week and down about 12 percent for the month. The oil company ended the week down $4.13 at $37.94 a barrel, down 9.82 percent for the week.

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