Financial Markets Daily

In the currency market

Euro: The euro rose for the third day in a row to close 0.40% higher at 1.2199. Technically, the initial resistance to the exchange rate upward is at 1.2232, further resistance is at 1.2266 and key resistance is at 1.2320. The initial support is at 1.2145, further support is at 1.2091, and more critical support is at 1.2057.

Sterling: Rose for the third day in a row to close at 1.3508, up 0.36%. Technically, the initial resistance is at 1.3561, further resistance is at 1.3618, and the key resistance is at 1.3682. Initial support for the lower exchange rate is at 1.3440, further support is at 1.3376 and more critical support is at 1.3319.

Yen: USD/JPY fell for the fourth day in a row, closing down 0.23% at 103.41. Technically, the initial resistance to the exchange rate upward is at 103.81, further resistance is at 104.19, and the key resistance is at 104.47. Initial support for the lower exchange rate is at 103.15, further support is at 102.87, and more critical support is at 102.48.

The stock market

On Wednesday, members of Congress from both parties were still making a last-ditch effort to pass a new Coronavirus stimulus package before the end of the year. The Federal Reserve left its benchmark interest rate unchanged at 0% to 0.25%, in line with market expectations. The three major U.S. stock indexes were mixed. The Dow Jones Industrial Average closed down 44.80 points, or 0.15%, at 30154.54. The S&P 500 closed up 6.60 points, or 0.18%, at 3,701.17, just shy of its all-time high. The Nasdaq Composite index closed up 63.10 points, or 0.50%, at 12,658.19, extending its record-breaking run.

London (marketwatch) – European stocks ended higher on Wednesday, with only Spain’s IBEX35 index down, as the European Union signaled progress on a trade deal with Britain leaving the European Union. The Pan-European Stoxx 600 index closed up 3.24 points, or 0.82%, at 396.08. In addition to banks, almost all sectors were higher. Insurance stocks led the way, rising 2.1%. Germany’s DAX30 index closed up 203.11 points, or 1.52%, at 13,565.98. Britain’s FTSE 100 index closed up 57.59 points, or 0.88%, at 6570.91. The CAC-40 index in France closed up 17.37 points, or 0.31%, at 5,547.68. The Euro Stoxx 50 index closed up 21.15 points, or 0.60 percent, at 3,542.65. Spain’s IBEX35 index closed down 18.40 points, or 0.23%, at 8,134.00. Italy’s FTSE MIB index closed up 51.47 points, or 0.23%, at 21986.52.

Commodity markets

Spot gold closed at $1,864.65 an ounce, up $11.16, or 0.60 percent, after hitting an intraday high of $1,865.69 and a low of $1,844.69 an ounce.

Gold for February delivery ended up 0.2 percent at $1, 859.10 an ounce on COMEX.

Crude oil futures extended gains in the previous session on Wednesday after data from the U.S. Energy Information Administration showed inventories fell much more sharply than expected last week, as oil markets received a boost from COVID-19 vaccination campaigns and rising tensions in the Middle East. U.S. WTI crude for January delivery closed up 20 cents, or 0.42 percent, at $47.82 a barrel at press time. Brent crude for February delivery ended up 32 cents, or 0.63 percent, at $51.08 a barrel. In the previous session, U.S. Oil closed up 63 cents, or 1.34 percent, at $47.62 a barrel. Cloth oil closed up 47 cents, or 0.93 percent, at $50.76 a barrel.

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