Daily Market Analysis - March 2nd, 2021

Trading | 6 months ago

Daily Market Analysis - March 2nd, 2021 - tradeglobalmarket

In the Daily Market Analysis segment, we discuss about the latest happening in the European, Asian and American market. Today economic data from Euro zone and Canada will be in focus.

European Market Analysis

Continuous reporting of economic data and important statistics from European countries provided support to the European stocks and Euro. From the beginning of the week investors were bullish on European majors. As a result, the EuroStoxx600 rose by 1.80%, the CAC40 rose by 1.57% and the DAX30 rose by 1.64% on Monday.

Retail sales figure and the unemployment numbers for February month of Euro zone is yet to be released. At the time of writing, the Euro was down by 0.1%. Euro is expected to test the closest support level of 1.19700.

US & Canada Market Analysis

The ISM manufacturing index of USA, also known as the purchasing managers' index (PMI) rose in the February month. The new orders index rose 3.7% while the production index rose 2.5%. The new export orders index also gains by 2.3%. The employment index was gained by 1.8%. All these economic data had a positive effect on US Dollar support.

The Canadian manufacturing PMI data released yesterday indicated that Canadian manufacturing sector is expanding in February as well. At the time of writing, the Canadian Dollar was down by 0.03% against the U.S Dollar. Investors are preparing themselves for the fourth quarter GDP numbers of Canada. As these numbers will influence the market heavily, so be cautious.

UK Market Analysis

Today the investors are anticipating the UK Nationwide Housing Prices data. Many analysts are expecting the nationwide housing prices to grow by 6% on year over year basis. These numbers will have significant impact on GBP. Currently GBP/USD is trending upwards. It is testing the support zone at 1.378 Level.

Asian Market Analysis

The reports coming from Japan shows that capital spending fell by 4.8% in the fourth quarter. The unemployment rate is at 2.9%. As a result, at the time of writing, the Japanese Yen was down by 0.10% against the U.S Dollar. Currently, USD/JPY is trending upwards. Look for buying opportunities of USD/JPY.

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