Financial Markets Daily

In the currency market

Euro: EurUSD gained for the second day in a row to close at 1.1812, up 0.08%. Technically, the pivot point of the currency is at 1.1841, the initial resistance to the upward movement of the exchange rate is at 1.1886, further resistance is at 1.1962, and the key resistance is at 1.2007. Initial support for the lower exchange rate is at 1.1766, further support at 1.1721, and more critical support at 1.1645.

Sterling: The pound turned lower against the DOLLAR, closing down 1.51% at 1.2796. Technically, the pivot point of the currency is at 1.2869, the initial resistance to the upside is at 1.2966, the further resistance is at 1.3132, and the key resistance is at 1.3229. The initial support is at 1.2704, further support is at 1.2607, and more critical support is at 1.2442.

Yen: UsdJPY turned lower, closing down 0.09% at 106.11. Technically, the pivot point of the currency is at 106.13, the initial resistance to its upward movement is at 106.28, the further resistance is at 106.45, and the key resistance is at 106.60. Initial support for the lower exchange rate is at 105.96, further support is at 105.80, and more critical support is at 105.64.

The stock market

Technology stocks faced another selloff after a day of gains, sending Wall Street sharply lower Thursday. The S&P 500 closed down 59.90 points, or 1.76%, at 3,339.05. The Nasdaq closed down 222.00 points, or 1.99%, at 10,919.59. The Dow Jones Industrial Average closed down 405.90 points, or 1.45%, at 27534.58.

London (Marketwatch) – European stocks fell Thursday after the European Central Bank left interest rates unchanged and said it expects the euro zone to suffer a smaller recession than previously feared. The Pan-European Stoxx 600 index closed down 2.01 points, or 0.54%, at 367.64. Mining stocks led the way, down 1.5%; Autos and travel and leisure bucked the trend, rising about 0.6% and 0.7%, respectively. Germany’s DAX index closed down 28.32 points, or 0.21%, at 13,208.89. Britain’s FTSE 100 index closed down 9.52 points, or 0.16%, at 6003.32. The CAC40 index in France closed down 19.05 points, or 0.38%, at 5,023.93. Spain’s IBEX35 index closed down 21.90 points, or 0.31%, at 6999.00. Italy’s FTSE closed up 48.90 points, or 0.25 per cent, at 19,820.22. In Europe, the Stoxx 50 index closed down 12.48 points, or 0.38 percent, at 3,312.35.

Commodity markets

In U.S. trading, spot gold fell sharply to below $1,950 an ounce after hitting a session high of $19,666.39, ending at $1945.95, down 17 cents, or 0.01 percent, from an intraday low of $1,940.94 an ounce.

COMEX Gold for December delivery ended up 0.5 percent at $196.4.30 an ounce.

The recovery in Asian demand has stalled and the US summer car boom is over. Meanwhile, Opec + began to ease production cuts and renewed fears of a glut in the oil market. The oil market closed down slightly on Thursday, with U.S. WTI crude for October delivery down 75 cents, or 2%, at $37.30 a barrel. Brent crude for November delivery fell 73 cents, or 1.8 percent, to $40.06 a barrel.

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