Financial Markets Daily

In the currency market

Euro: EurUSD turned lower, closing down 0.35% at $1.1630, down 1.75% for the week. Technically, the pivot point of the currency is at 1.1661, the initial resistance to its upward movement is at 1.1694, the further resistance is at 1.1721, and the key resistance is at 1.1754. Initial support for the lower exchange rate is at 1.1630, further support is at 1.1601, and more critical support is at 1.1574.

Sterling: The pound turned lower against the dollar over five days, closing down 0.06% at $1.2745, down 1.32% for the week. Technically, the pivot point of the currency is at 1.2738, the initial resistance to its upward movement is at 1.2786, further resistance is at 1.2828, and the key resistance is at 1.2876. The initial support is at 1.2696, further support is at 1.2648, and more critical support is at 1.2606.

Yen: The dollar rose for a fifth day against the yen to end 105.60 yen, up 0.19% and 1.00% on the week. Technically, the pivot point of the currency is at 105.39, the initial resistance to the upward movement of the exchange rate is at 106.00, further resistance is at 106.50, and the key resistance is at 107.00. Initial support for the lower exchange rate is at 105.24, further support is at 105.07, and more critical support is at 104.92.

The stock market

Risk sentiment improved on Wall Street as investors weighed the prospect of a new bailout and a surge in confirmed coVID-19 cases around the world, with three major stock indexes rising strongly on Friday after early trading on Wall Street. At the close, the Dow Jones Industrial Average was up 358.50 points, or 1.34%, at 27173.96. The S&P 500 ended up 51.90 points, or 1.60 percent, at 3,298.46. The Nasdaq Composite index closed up 241.30 points, or 2.26 percent, at 10,913.56.

London (Marketwatch) – European stock markets closed lower on Friday as volatility continued to weigh on the development of the coronavirus outbreak and prospects for economic recovery. The Pan-European Stoxx 600 index ended down 0.34 points, or 0.1 percent, at 355.51. Auto stocks led the way with a 1.5 per cent drop, while travel stocks swung from an earlier 1.8 per cent drop to a nearly 3 per cent gain. Germany’s DAX index closed down 137.37 points, or 1.09 percent, at 12,469.20. Britain’s FTSE 100 index closed up 19.89 points, or 0.34%, at 5,842.67. France’s CAC-40 index closed down 32.96 points, or 0.69 percent, at 4,729.66. Spain’s IBEX35 index closed down 15.10 points, or 0.23%, at 6,628.30. Italy’s FTSE ended 208.47 points, or 1.10%, lower at 18,698.36. In Europe, the Stoxx 50 index closed down 22.39 points, or 0.71 percent, at 3,137.25. The Pan-Stoxx 600 index fell 3.7% this week, its biggest weekly decline since mid-June.

Commodity markets

Spot gold closed at $1,861.03 an ounce, down $6.23, or 0.33 percent, after touching as low as $1,852.21 an ounce and as high as $1,874.81 an ounce.

COMEX Gold futures for December delivery ended down 0.6 percent at $1,866.30 an ounce, down nearly 5 percent for the week.

Oil prices closed lower on Friday on growing concerns that a broader coVID-19 rebound will hit fuel demand, as well as concerns about the possibility of Libya resuming crude oil exports. U.S. WTI crude for November delivery was down 6 cents, or 0.2 percent, at $40.25 per barrel. Brent crude for November delivery ended down 10 cents, or 0.2 percent, at $41.84 a barrel. WTI crude is down 2.1 percent this week and cloth oil is down 3 percent.

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