Financial markets daily

In the currency market

EUR: The euro fell for a third straight day against the dollar, closing 0.66% lower at 1.2075. Technically, initial upside resistance stands at 1.2060, further resistance at 1.2010, key resistance at 1.1920; Initial downside support at 1.2125, further support at 1.2170 and more critical support at 1.2220.

GBP: GBP/USD turned lower to close at 1.3587, down 0.71%. Technically, initial upside resistance stands at 1.3705, further resistance at 1.3730, key resistance at 1.3810; Initial downside support at 1.3530, further support at 1.3440 and more critical support at 1.3310.

JPY: USD/JPY reversed gains to close at 103.87, up 0.07%. Technically, initial upside resistance stands at 104.25, further resistance at 104.55, key resistance at 104.85; Initial downside support at 103.70, further support at 103.50 and more critical support at 103.00.

The stock market

Losses in the Dow Jones Industrial Average accelerated after a lower start on Friday, extending losses to more than 300 points early in the session before tapering off. At the close, the Dow was down 177.30 points, or 0.57 percent, at 30,814.26. The S&P 500 fell 27.30 points, or 0.72%, to 3,768.25. The Nasdaq closed down 114.10 points, or 0.87 percent, at 12,998.50. For the week, the Dow closed down 0.91 percent, the Nasdaq lost 1.51 percent and the S&P 500 lost 1.41 percent.

European stocks fell on Friday as fears that a renewed surge in confirmed cases of Covid-19 in many parts of the world would trigger a new blockade overshadowed positive sentiment about U.S. President-elect Joe Biden’s $1.9 trillion stimulus plan. The pan-European Stoxx 600 index closed down 4.15 points, or 1.01%, at 407.85. Germany’s DAX30 index closed down 200.97 points, or 1.44 percent, at 13,787.73. Britain’s FTSE 100 index closed 66.25 points, or 0.97 percent lower, at 6,735.71. France’s CAC-40 closed down 69.45 points, or 1.22 percent, at 5611.69. The Euro Stoxx 50 index closed down 40.22 points, or 1.10%, at 3,601.15. Spain’s IBEX35 index closed down 139.40 points, or 1.66%, at 8233.00. Italy’s FTSE MIB index closed down 256.37 points, or 1.13 per cent, at 22381.35.

Commodity markets

Spot gold settled down $18.08, or 0.98 percent, at $1,828.30 an ounce, after hitting as low as $1,823.17 and as high as $1,856.94. Spot gold fell $20.56, or 1.11 percent, this week.

Comex February gold futures ended down 1.2 percent at $1,829.90 an ounce.

The cumulative number of deaths worldwide has passed the 2 million mark, according to new statistics released by Johns Hopkins University on Friday (15 January). Crude oil futures fell on Friday as the pace of distribution and response to the new vaccine clouded the outlook for the oil market and oil-producing countries faced an unprecedented challenge in balancing supply and demand. U.S. WTI crude for February delivery ended down $1.21, or 2.26 percent, at $52.36 a barrel at time of writing. Brent crude for March delivery ended down $1.32, or 2.34 percent, at $55.10 a barrel. For the week, U.S. oil still ended up 0.23 percent, the third straight week of gains. Cloth oil closed down 1.57 percent, its first weekly decline in three weeks.

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