Financial markets daily

In the currency market

EUR: The euro rose against the dollar for the first time in five days, closing 0.45% higher at 1.2128. Technically, initial upside resistance stands at 1.2157, further resistance at 1.2186, key resistance at 1.2228; Initial downside support at 1.2086, further support at 1.2044 and more critical support at 1.2015.

GBP: Sterling rose against the dollar for the first time in three days to close at 1.3634, up 0.37%. Technically, initial upside resistance stands at 1.3652, further resistance at 1.3677, key resistance at 1.3718; Initial downside support at 1.3587, further support at 1.3546 and more critical support at 1.3521.

JPY: USD/JPY turned positive to close at 103.90, up 0.21%. Technically, initial upside resistance stands at 104.10, further resistance at 104.31, key resistance at 104.54; Initial downside support at 103.66, further support at 103.44 and more critical support at 103.22.

The stock market

U.S. stocks edged higher on Tuesday after a rough week, rebounding as investors digested results from the latest earnings season, a big new stimulus package and signs of a faster pace of vaccine distribution. At the close, the Dow was up 116.30 points, or 0.38 percent, at 30,930.52. The S&P 500 rose 30.70 points, or 0.81 percent, to 3,798.91. The Nasdaq closed up 198.70 points, or 1.53 percent, at 13,197.18.

LONDON (MarketWatch) — European stock markets fell broadly on Tuesday as investors focused on economic recovery hopes and the confirmation speech by incoming U.S. Treasury Secretary Janet Yellen. The pan-European Stoxx 600 index closed down 0.76, or 0.19%, at 407.92, led lower by basic resources and tourism stocks, which fell 1.3%. Germany’s DAX30 index closed down 33.29 points, or 0.24 percent, at 13,815.06. The FTSE 100 index ended 7.70 points, or 0.11%, lower at 6,712.95. France’s CAC-40 index ended down 18.66 points, or 0.33 percent, at 5,598.61. The Euro Stoxx 50 index ended down 7.52 points, or 0.21 percent, at 3,595.15. Spain’s IBEX35 index closed down 54.50 points, or 0.66 percent, at 8,200.00. Italy’s FTSE MIB index closed down 57.17 points, or 0.25%, at 22,441.72.

Commodity markets

Spot gold settled down $9.43, or 0.53 percent, at $1,776.70 an ounce in late afternoon trading, after hitting as high as $1,789.85 and its lowest since Aug. 2 at $1,764.34. It fell $102.23, or 5.44%, in November, its fourth straight monthly decline.

Comex February gold futures fell 0.4% to settle at $1,780.90 an ounce, the lowest close since early July and down 5.6% for November, the fourth straight month of losses.

Brent crude fell to a near one-week low on Monday, weighed down by a stronger dollar, a surge in confirmed cases of Covid-19 around the world and bad news about the slow vaccination process. Both oil futures ended higher on Tuesday, however, as stronger-than-expected fourth-quarter economic growth from China, a drop in Libyan crude exports due to a pipeline leak and geopolitical tensions supported a steady recovery. U.S. WTI crude for March delivery ended up 62 cents, or 1.18 percent, at $52.98 a barrel at press time. Brent crude for March delivery ended up $1.15, or 2.10 percent, at $55.90 a barrel.

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