Financial Markets Daily

In the currency market

Euro: Euro/DOLLAR rose for the second day in a row, closing 0.27% higher at $1.1833, down 0.34% on the week. Technically, the initial resistance to the exchange rate upward is at 1.1910, further resistance is at 1.1960, and the key resistance is at 1.2011. Initial support for the lower exchange rate is at 1.1745, further support at 1.1660, and more critical support at 1.1640.

Sterling: GBP/USD gained for the first time in three days, closing 0.59% higher at 1.3197, after gaining 0.31% on the week. Technically, the initial resistance to the exchange rate upward is at 1.3270, further resistance is at 1.3310, and key resistance is at 1.3400. The initial support is at 1.3100, further support is at 1.2960, and more critical support is at 1.2850.

Yen: Dollar/yen fell for a second day, closing down 0.47 percent at 104.61, up 1.24 percent on the week. Technically, the initial resistance to the exchange rate upward is at 104.85, further resistance is at 105.15, and the key resistance is at 105.50. Initial support for the lower exchange rate is at 104.30, further support is at 104.00, and more critical support is at 104.55.

The stock market

Better-than-expected earnings from Dow components Cisco Systems and Disney sent U.S. stocks higher on Friday, sending the Dow up more than 400 points at one point. Federal Reserve Chairman Colin Powell previously said that despite the coronavirus breakthrough news, there are still challenges and uncertainties regarding the timing, availability and effectiveness of the vaccine. In the short term, the outlook for the US economy remains uncertain and the coVID-19 outbreak could pose challenges in the coming months as the virus accelerates its spread. At the close, the Dow Jones Industrial Average was up 399.60 points, or 1.37%, at 29479.81. The S&P 500 rose 48.10 points, or 1.36 percent, to 3,585.15, its first record close since Sept. 2. The Nasdaq Composite Index closed up 119.70 points, or 1.02 percent, at 11,829.29.

Madrid (Marketwatch) – European stocks were mixed Friday as investors largely took a positive view of the novel Coronavirus vaccine that works. The Pan-European Stoxx 600 index ended up 0.02 points, or 0.01 percent, at 385.18. For the week, the index closed up about 3.5%; Germany’s DAX30 index rose 23.77 points, or 0.18%, to 13,076.72. Britain’s FTSE 100 index closed down 22.55 points, or 0.36%, at 6,316.39. France’s CAC-40 index closed up 17.59 points, or 0.33 percent, at 5,380.16. The Euro Stoxx 50 index closed up 4.15 points, or 0.12 percent, at 3,432.35. Spain’s IBEX35 index closed up 59.00 points, or 0.76%, at 7,785.00. Italy’s FTSE MIB index closed up 85.85 points, or 0.41%, at 20,903.58.

Commodity markets

Spot gold closed at $1,889.05 an ounce, up 12.90 dollars, or 0.69 percent, after hitting an intraday high of $1,896.67 and a low of $1,873.58.

COMEX Gold for December delivery ended up $12.90 at $1,886.20 an ounce.

Oil prices fell on Friday (Nov. 13) as data showed ninth straight week of increases in oil and gas RIGS and a surge in U.S. crude inventories last week saw initial positive investor sentiment around the Novel Coronavirus vaccine fade. U.S. WTI crude for December delivery ended down 99 cents, or 2.41 percent, at $40.13 a barrel at press time. Brent crude for January delivery ended down 75 cents, or 1.72 percent, at $42.78 a barrel. American oil finished the week up 8.05 percent, cloth oil up 8.44 percent.

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