Financial markets daily

In the currency market

EUR: The euro rose against the dollar for the first time in three days to close at 1.1931, up 0.23%. Technically, initial upside resistance stands at 1.1970, further resistance at 1.2020, key resistance at 1.2100; Initial downside support at 1.1835, further support at 1.1746 and more critical support at 1.1690.

GBP: Sterling fell for a third day in a row against the dollar, closing 0.09% lower at 1.3860. Technically, initial upside resistance stands at 1.400, further resistance at 1.4140, key resistance at 1.4240; Initial downside support stands at 1.3810, further support at 1.3775 and more critical support at 1.3565.

JPY: USD/JPY fell for the second day in a row to close at 108.81, down 0.06%. Technically, initial upside resistance stands at 109.35, further resistance at 109.65, key resistance at 110.00; Initial downside support at 108.50, further support at 107.90 and more critical support at 107.35.

The stock market

On Monday, U.S. bond yields retreated, sending major stock indexes higher. Separately, market participants are focused on Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen, who will appear together before congressional committees on Tuesday and Wednesday to speak about the economic outlook and interest rates. The Dow closed up 103.17 points, or 0.32 percent, at 32,731.14. The S&P 500 rose 27.32 points, or 0.70 percent, to 3,940.42, ending a two-session losing streak. The Nasdaq closed up 162.31 points, or 1.23 percent, at 13,377.54.

Market risk sentiment is uncertain on Monday. The dollar rallied on safe-haven demand as headlines from a third wave of the disease hit parts of Europe and Turkey’s prime minister fired his central bank governor, while Asian stocks closed mixed and European stocks reversed earlier losses, with only France’s CAC-40 index ending lower. The pan-European Stoxx 600 index closed 0.82 points, or 0.19 percent, higher at 424.17. The auto sector rose 1.7%, while the retail sector fell 1%. Germany’s DAX30 index closed up 36.21 points, or 0.25%, at 14,657.21. The FTSE 100 closed up 17.39 points, or 0.26 per cent, at 6,726.10. France’s CAC-40 index (FR: CAC-40, -0.49 percent) closed down 29.48 points, or 0.49 percent, at 5,968.48. The Euro Stoxx 50 index fell 2.57 points, or 0.07 percent, to 3,834.45. Spain’s IBEX35 index closed down 144.00 points, or 1.70 percent, at 8349.00. Italy’s FTSE MIB index closed up 63.42 points, or 0.26 per cent, at 24,262.84.

Commodity markets

Spot gold settled at $1,738.89 an ounce, down $6.19, or 0.35 percent, from an intraday high of $1,747.10 and a low of $1,727.10, up $18.12, or 1.05 percent, last week.

Gold futures for April delivery settled down 0.2 percent at $1,738.10 an ounce on the COMEX division of gold futures.

Two major crude oil futures on Monday (March 22) in a volatile close up. U.S. WTI crude futures for April delivery ended up 13 cents, or 0.21 percent, at $61.55 a barrel at press time. Brent crude for May delivery settled up 9 cents, or 0.14 percent, at $64.62 a barrel. Last week, the United States oil accumulatively closed down 6.38%, cloth oil accumulatively closed down 6.77%.

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