Financial Markets Daily

The NASDAQ closed down 1.4%, the S&P 500 fell slightly, and spot gold began to recover some of its losses to close at around $1,875 after a $100 slide the previous day. In the day’s trading, watch for comments from European Central Bank President Christine Lagarde.

In the currency market

Euro: EurUSD turned higher, closing up 0.05% at 1.1817. On the technical level, the initial resistance to the upward movement of the exchange rate is at 1.1843, the further resistance is at 1.1875, and the key resistance is at 1.1907. The initial support is at 1.1780, further support is at 1.1748, and more critical support is at 1.1716.

Sterling: rose for the fourth day in a row to close at 1.3276, up 0.86%. Technically, the initial resistance is at 1.3310, further resistance is at 1.3355, and the key resistance is at 1.3432. The initial support is at 1.3188, the further support is at 1.3111, and the more critical support is at 1.3067.

Yen: USD/JPY fell for a second day, closing down 0.12% at 105.23. On the technical front, the initial resistance to the upward movement of the exchange rate is at 105.53, the further resistance is at 105.84 and the key resistance is at 106.20. Initial support for the lower exchange rate is at 104.87, further support is at 104.51, and more critical support is at 104.20.

The stock market

U.S. drug maker Pfizer and German drug maker BioNTech have reported strong data on their covid-19 vaccine. The two companies said they had found no serious safety problems so far and expected to apply for emergency U.S. licensing later this month, sending stocks on Both sides of the Atlantic soaring. By the close, the Dow Jones Industrial Average was up 834.57 points, or 2.95%, at 29157.97, its biggest one-day gain since June 5. The intraday index rose as much as 1,600 points, or 5.7 percent, to hit an all-time high earlier in the day. The S&P 500 closed up 40.29 points, or 1.15%, at 3,549.73, also setting an all-time intraday high. However, as technology stocks took a beating, the Nasdaq Composite index closed down 181.45 points, or 1.53%, at 11,713.78.

Commodity markets

Spot gold closed at $1,877.11 an ounce, up $14.95, or 0.80 percent, after touching as high as $1,890.29 an ounce and as low as $1,860.15.

On Tuesday, U.S. WTI crude for December delivery closed up $1.07, or 2.65 percent, at $41.36 a barrel. Brent Crude for January delivery closed up $1.21, or 2.85 percent, at $43.61 a barrel. In the previous session, U.S. Oil closed up $3.15, or 8.48 percent, at $40.29 a barrel. Cloth oil closed up $2.95, or 7.48 percent, at $42.40 a barrel.

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