Financial markets daily

In the currency market

EUR: The euro fell for a second day in a row against the dollar, closing 0.54% lower at 1.2041. Technically, initial upside resistance stands at 1.2090, further resistance at 1.2142, key resistance at 1.2176; Initial downside support at 1.2005, further support at 1.1971 and more critical support at 1.1919.

GBP: Sterling fell for a second day in a row to close at 1.3863, down 0.27%. Technically, initial upside resistance stands at 1.3893, further resistance at 1.3939, key resistance at 1.3971; Initial downside support is placed at 1.3815, further support at 1.3783 and more critical support at 1.3737.

JPY: USDJPY fell for the first time in six days, closing 0.16% lower at 105.86. Technically, initial upside resistance stands at 106.13, further resistance at 106.40, key resistance at 106.58; Initial downside support is at 105.68, further support at 105.50 and more critical support at 105.23.

The stock market

MADRID (MarketWatch) – European stock markets closed lower on Wednesday as investors focused on rising bond yields and the outlook for inflation. The pan-European Stoxx 600 index ended down 3.26 points, or 0.78%, at 415.94. Retail stocks led the decline, falling 2.4%, while basic resources bucked the trend, rising 1.2%. Germany’s DAX30 index closed down 155.33 points, or 1.10%, at 13,909.27. The FTSE 100 index ended down 37.96 points, or 0.56%, at 6,710.90. France’s CAC-40 index (V.CAC-40) ended down 20.69 points, or 0.36 percent, at 5,765.84. The Euro Stoxx 50 index ended down 26.95 points, or 0.72 percent, at 3,699.45. Spain’s IBEX35 index closed down 33.70 points, or 0.41%, at 8120.00. Italy’s FTSE MIB index closed down 262.25 points, or 1.12 per cent, at 23,178.56.

U.S. retail sales rose sharply in January, helped by an improvement in the epidemic and government stimulus measures, raising market concerns about rising inflation. The Federal Reserve on Wednesday released the minutes of its January FOMC monetary policy meeting. Members of the Federal Open Market Committee reiterated at their most recent meeting that the Fed will continue to maintain accommodative policy in the future. The minutes suggest it could take some time for the economy to make substantial progress. It is important to communicate with the public before adjusting the pace of asset purchases. The Dow Jones Industrial Average rose 90.30 points, or 0.29 percent, to 31613.02. The S&P 500 fell 1.30 points, or 0.03%, to 3,931.32. The Nasdaq closed down 82.00 points, or 0.58 percent, at 13,965.49.

Commodity markets

Spot gold settled down $18.47, or 1.03 percent, at $1,775.98 an ounce, after hitting as low as $1,769.31 and as high as $1,795.16.

COMEX gold futures for April delivery ended down 1.5 percent at $1,772.80 an ounce.

Two major crude futures extended gains on Wednesday as supply disruptions from a historic winter storm in Texas, the largest U.S. oil producer, continued to support oil prices. U.S. WTI crude for March delivery ended up $1.09, or 1.81 percent, at $61.14 a barrel at the time of writing. Brent crude for April delivery ended up 99 cents, or 1.56 percent, at $64.34 a barrel. In the previous session, oil rose 58 cents, or 0.97 percent, to $60.05 a barrel. Cloth oil ended up 92 cents, or 1.47 percent, at $63.35 a barrel.

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