Financial Markets Daily

In the currency market

Euro: The euro fell for the third day in a row to close at 1.2164, down 0.60%. Technically, the initial resistance to the exchange rate upward is at 1.2227, further resistance is at 1.2294, and key resistance is at 1.2332. The initial support is at 1.2122, further support is at 1.2084, and more critical support is at 1.2016.

Sterling: Fell for the third day in a row to close 0.71 per cent lower at 1.3372. Technically, the initial resistance is at 1.3448, further resistance is at 1.3541, and the key resistance is at 1.3614. The initial support is at 1.3283, further support is at 1.3210, and more critical support is at 1.3118.

Yen: Usd/JPY turned higher, closing at 103.60, up 0.27%. Technically, the initial resistance to the exchange rate upward is at 103.81, further resistance is at 104.00, and the key resistance is at 104.26. Initial support for the lower exchange rate is at 103.35, further support is at 103.09, and more critical support is at 102.90.

The stock market

In the US, the federal government is due to begin handing out cash to citizens next week as part of a new bail-out package. The hope is that this will help ease the pressure on the US economy from a rebound in the winter outbreak. But investors continue to focus on the COVID-19 strain in the UK, fearing that new restrictions will put off an economic recovery. The Dow Jones Industrial Average closed down 200.90 points, or 0.67%, at 30015.51. The S&P 500 ended down 7.70 points, or 0.21%, at 3,687.26, its third straight day of losses. The Nasdaq Composite Index closed up 65.40 points, or 0.51%, at 12,807.92.

London (Marketwatch) – European stocks rose Tuesday as they tried to recover from a heavy selloff the day before, despite concerns about a NOVEL Coronavirus emerging in the UK. The Pan-European Stoxx 600 index closed up 4.56 points, or 1.18%, at 391.25. Germany’s DAX30 index closed up 171.81 points, or 1.30%, at 13,418.11. The FTSE 100 index closed up 36.84 points, or 0.57%, at 6,453.16. France’s CAC-40 index closed up 73.52 points, or 1.36%, at 5,466.86. The Euro Stoxx 50 index closed up 46.47 points, or 1.35%, at 3,495.15. Spain’s IBEX35 index closed up 146.20 points, or 1.88%, at 7,936.00. Italy’s FTSE MIB index closed up 433. 82, up 2.03%, at 21,844.33.

Commodity markets

Spot gold closed at $1,860.69 an ounce, down $16.905, or 0.86 percent, after touching an intraday low of $1,858.82 an ounce and an intraday high of $1,884.18.

COMEX gold futures for February delivery closed down 0.7 percent at $1,870.30 an ounce.

Renewed fears that a new STRAIN of virus in the U.K. will cause a global economic slowdown overshadowed congressional approval of the long-awaited $900bn Novel Coronavirus bailout and tighter travel restrictions in Europe raised fears of a slowing economic recovery, with two major crude oil futures extending losses on Tuesday (Dec. 22). U.S. WTI crude for February delivery fell 95 cents, or 1.98 percent, to $47.02 a barrel after falling below the $47 mark. Brent crude for February delivery ended down 83 cents, or 1.63 percent, at $50.08 a barrel. It closed down $1.36, or 2.77 percent, at $47.74 a barrel. Cloth oil closed down $1.35, or 2.58 percent, at $50.91 a barrel.

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