Financial markets daily

In the currency market

EUR: EUR/USD turned positive to close at 1.2167, up 0.53%. Technically, initial upside resistance stands at 1.2187, further resistance at 1.2213, key resistance at 1.2256; Initial downside support at 1.2119, further support at 1.2076 and more critical support at 1.2050.

GBP: Sterling rose for a third straight day against the dollar to close at 1.3733, up 06.2%. Technically, initial upside resistance stands at 1.3769, further resistance at 1.3808, key resistance at 1.3870; Initial downside support at 1.3669, further support at 1.3607 and more critical support at 1.3569.

JPY: The dollar fell for the second day in a row to close at 103.48, down 0.04%. Technically, initial upside resistance stands at 103.66, further resistance at 103.83, key resistance at 103.99; Initial downside support is at 103.31, further support at 103.14 and more critical support at 102.97.

The stock market

With Joe Biden officially in the White House, the U.S. stock market hit another record high Thursday, extending the previous session. Wall Street investors turned to the sidelines for the latest time, worried about a potential surge in the new administration’s stimulus package, with the three major indexes fluctuating and the broad market trading in a tight range. Still, the three indexes edged back above their peaks on the back of strong tech stocks and a rally in Apple. At the close of trading, the Dow gained 4.30 points, or 0.01%, at 31,176.01. The S&P 500 gained 1.20 points, or 0.03 percent, to 3,853.07. The Nasdaq closed up 73.70 points, or 0.55 percent, at 13,530.91.

European stocks fell on Thursday after European Central Bank President Christine Lagarde said the outbreak still poses a serious risk to the economy and risks to the short-term outlook were on the downside, despite optimism following the inauguration of U.S. President Joe Biden. The pan-European Stoxx 600 index closed up 0.05%, or 0.01%, at 410.89. The technology sector rose 2%, while the media sector fell 0.5%. Germany’s DAX30 index closed down 14.70 points, or 0.11%, at 13,906.67. The FTSE 100 index ended down 24.97 points, or 0.37%, at 6,715.42. France’s CAC-40 index ended down 37.65 points, or 0.67 percent, at 5,590.79. The Euro Stoxx 50 index ended down 6.09 points, or 0.17 percent, at 3,617.95. Spain’s IBEX35 index closed down 81.10 points, or 0.99%, at 8123.00. Italy’s FTSE MIB index closed down 221.85 points, or 0.98 per cent, at 22,428.93.

Commodity markets

Spot gold settled down $1.88, or 0.1 percent, at $1,869.87 an ounce, after hitting as high as $1,875.12 and as low as $1,858.31.

Comex February gold futures ended down less than 0.1 percent at $1,865.90 an ounce.

U.S. crude oil inventories unexpectedly rose last week, reviving demand concerns related to the outbreak of the pandemic, but hopes of a fiscal stimulus plan capped the downside, with futures ending the day mixed. U.S. WTI crude for March delivery ended down 18 cents, or 0.34 percent, at $53.13 a barrel at press time. Brent crude for March delivery ended up 2 cents, or 0.03 percent, at $56.10 a barrel. In the previous session, U.S. oil rose 26 cents, or 0.49 percent, to $53.24 a barrel. Cloth oil closed up 18 cents, or 0.32 percent, at $56.08 a barrel.

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