Technical Analysis Report Today | Forex News – 10 May 2021

ASIAN MARKET:-

Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.31% to 3,408.86. Hong Kong’s Hang Seng Index was down about 0.51% to 28,490.75.

Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.49 per cent at 29,502.63 on Monday , while the Australian Index S&P / ASX 200 rose 0.95 per cent to 7,154.71. South Korea’s Kospi was up by1.66% to 3,249.98.

EUROPEAN MARKET:-

The FTSE MIB climbed up by 0.49% to 24,612.46 In the cash markets, the DAX futures Germany was trading1.34% higher at 15,399.25. CAC 40 futures in France climbed up by 0.45% to 6,385.57, while the FTSE 100 futures in the U.K rose by 0.75% to 7,129.97, at the time of writing.

US MARKET:-

In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.66% up at 34,777.38 the S&P 500 was up 0.74% to 4,232.56 and the Nasdaq 100 was up 0.88% at 13,753.03.

FOREX MARKET:-

In the Forex market, GBPUSD rose 0.53% at 1.4043. The USDJPY was up 0.34% at 108.97. The USDCHF was up 0.11% at 0.9080. EURUSD was down 0.11% at 1.2148, EUR/GBP was down 0.64% at 0.8641, at the time of writing.

COMMODITY MARKET;-

In the commodity market, U.S. Gold futures rose 0.25% at $1,835.85. Elsewhere, Silver futures rose 1.21% to $27.802 per ounce, Platinum rose 0.60% at $1,264.05 per ounce, and Palladium was up 0.61% at $2,942.50.

Brent crude oil was up 0.63% to $68.70 barrel while U.S. West Texas Intermediate (CLc1) rose 0.63% at $65.31.

CRYPTO-CURRENCY MARKET:-

In the Cryptocurrency Markets, BTCUSD rose 0.80% at $58,864.9 , Ethereum at 4,120.41 up by 3.60%, Litecoin at 402.791 up 15.36%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

BioNTech up 9.04% at 164.05 Apple Inc. up 0.53% at $13-.74 , Amazon.com down 0.45 % at $ 3,291.31, TESLA Inc up 1.33% at $672.54, SAP down 0.85% at 116.140, Microsoft down 0.53% at $246.18 , Adidas up 0.44% at 282.10.

Economic news:

USA MARKET

President Joe Biden reacted on Friday to a disappointing April jobs report by saying the U.S. economy has a “long way to go” before recovering from its pandemic slump, and he urged Washington to do more to help the American people.

U.S. job growth unexpectedly slowed last month, likely restrained by shortages of workers and raw materials. Nonfarm payrolls increased by only 266,000 jobs, well below the nearly 1 million jobs economists expected and a sharp contrast to steady increases in growth from January to March.

Biden and his team have said his $1.9 trillion pandemic relief package, the Democratic president’s first major legislative accomplishment, is helping to bring the economy back from its pandemic plummet, and they are pushing for another $4 trillion in new investments.

“Today’s report just underscores in my view how vital the actions we’re taking are,” Biden said in remarks at the White House. “Our efforts are starting to work. But the climb is steep and we still have a long way to go.”

Stock indexes still climbed to record highs despite the news, as fewer investors feared the Federal Reserve would reduce its massive stimulus program anytime soon, and bet Biden’s investment plans would succeed.

The jobs report highlighted an intractable political divide in Washington over government spending. Republicans and business groups blasted generous unemployment benefits in the relief package, contending they were stopping lower-wage Americans from going back to work. Critics object to the high price tag of Biden’s plans and warn they could bring inflation.

Biden said he did not believe government benefits were hindering a return to work, and his economists backed him up.

“It’s clear that there are people who are not ready and able to go back into the labor force,” Treasury Secretary Janet Yellen told reporters, citing parents whose children are still learning remotely. “I don’t think the addition to unemployment compensation is really the factor that is making a difference.”

Jared Bernstein, a member of the president’s Council of Economic Advisers, told Reuters that Biden’s COVID relief and stimulus, known as the American Rescue Plan, had helped generate an average of more than half a million jobs per month, April not withstanding.

EUROZONE:-

The European Union and India agreed to resume stalled free-trade negotiations and seek closer cooperation to combat climate change at a virtual summit on Saturday, as concerns about China bring Brussels and New Delhi closer.

Partly overshadowed by the COVID-19 crisis in India, the meeting brought together Indian Prime Minister Narendra Modi and all of the bloc’s 27 leaders for the first time in a sign of the EU’s renewed interest in the Indo-Pacific region.

Past EU-India summits have involved only the Indian prime minister and the EU’s chief executive and chairman.

“We agreed to resume negotiations for a … trade agreement which would respond to the current challenges,” EU and Indian leaders said in a statement after the talks, adding that for talks to succeed, both sides had to solve market access issues.

In parallel, EU and India will start talks on a separate investment protection deal and an accord on geographical indications – famous brand names often linked to the places they are made, from France’s champagne to India’s Darjeeling tea.

China’s rise from a benign trading partner to a rival power with a growing military presence has alarmed the West and its allies in the Indo-Pacific, where Brussels wants more influence.

“We agreed that, as the world’s two largest democracies, the EU and India have a common interest in ensuring security, prosperity and sustainable development in a multi-polar world,” the joint statement said.

EU-India trade talks were frozen in 2013 over differences including tariff reductions, patent protection, data security and the right of Indian professionals to work in Europe.

TECHNICAL SUMMARY

EUR/USD:-