Financial Markets Daily

In the currency market

Euro: The euro rose for the fourth day in a row to close at $1.1860, up 0.07%. Technically, the initial resistance to the upward movement of the exchange rate is at 1.1887, further resistance is at 1.1914 and key resistance is at 1.1934. The initial support is at 1.1840, further support is at 1.1819, and more critical support is at 1.1792.

Sterling: Rose for the third day in a row to end at 1.3248, up 0.39%. Technically, the initial resistance to the exchange rate upward is at 1.3282, further resistance is at 1.3321, and key resistance is at 1.3370. The initial support is at 1.3194, further support is at 1.3144, and more critical support is at 1.3105.

Jpy: USDJPY fell for the fourth day in a row to close at 104.17, down 0.35%. On the technical level, the initial resistance to the upward movement of the exchange rate is at 104.49, the further resistance is at 104.81, and the key resistance is at 105.03. Initial support for the lower exchange rate is at 103.96, further support is at 103.74, and more critical support is at 103.42.

The stock market

A continued rise in confirmed COVID-19 cases in the United States, combined with the slowest pace of retail sales in six months in October, sent the Dow down more than 400 points early on Tuesday. After a rally, led by Boeing and some technology stocks, mid-point losses narrowed to more than 100 points. At the close, the Dow Jones Industrial Average closed down 167.10 points, or 0.56%, at 29783.35. The S&P 500 closed down 17.40 points, or 0.48%, at 3,609.54. The Nasdaq Composite index closed down 24.80 points, or 0.21%, at 11899.34. Earlier in the session, both the Dow and the S&P 500 set new closing highs.

Although Moderna’s positive coronavirus news continued to rally the market, European stocks ended mixed on Tuesday as the epidemic prevention sector stalled. The Pan-European Stoxx 600 index ended down 0.92 points, or 0.24%, at 388.82. Travel stocks led the market lower, down 1.1%; Germany’s DAX30 index closed down 5.14 points, or 0.04%, at 13,133.47. Britain’s FTSE 100 index closed down 55.96 points, or 0.87%, at 6,365.33. France’s CAC-40 index closed up 11.52 points, or 0.21%, at 5,483.00. In Europe, the Stoxx 50 index closed up 1.24 points, or 0.04 percent, at 3,467.45. Spain’s IBEX35 index closed down 53.20 points, or 0.67%, at 7933.00. Italy’s FTSE MIB index closed up 118.10 points, or 0.55%, at 21435.11.

Commodity markets

Spot gold closed at $1,880.09 an ounce, down 8.77 dollars, or 0.46 percent, after touching as high as $1,893.36 an ounce and as low as $1,876.85 an ounce.

COMEX gold futures for December delivery ended down $2.70, or 0.1 percent, at $1,885.1 an ounce.

News of vaccine developments from US pharmaceutical company Moderna continued to rally the market, while Crude oil processing in China surged to an all-time high in October, indicating a rapid recovery in demand in the world’s second-largest oil consumer. But Tuesday’s meeting of the Opec + joint ministerial monitoring committee ended without a recommendation, limiting some of the upside for oil prices, which ended the day mixed. U.S. WTI crude for December delivery closed up 9 cents, or 0.22 percent, at $41.43 a barrel after hitting an intraday high of $41.69. Brent crude for January delivery ended down 7 cents, or 0.16 percent, at $43.75 a barrel. Earlier in the session, U.S. Oil closed up $1.21, or 3.01 percent, at $41.34 a barrel. Cloth oil closed up $1.04, or 2.43 percent, at $43.82 a barrel.

Leave a Reply

Your email address will not be published. Required fields are marked *