14 August: Overnight Market Wrap

14 August: Overnight Market Wrap

Key Points:

Gold closes up $35 at 1951, Silver also up over 8% on the day

US Jobless claims beat boosting US 30 year yields

US indices mixed with risk outlook

US jobless claims beat expectations coming it at 963,000 from 1.1m expected giving US yields a lift and buoying the USD with it. Early weakness in the USD saw EUR/USD at 1.1860 and Cable at 1.3125 before both moving back lower as the greenback made a comeback. The AUD had seen a decent employment report during the Asian session but has been unable to break the triple top around 0.7185/90 for the past three days now. The outlier once again was the CAD which managed to push below 1.32 for the first time since February. Not to be outdone precious metals remained volatile and after spending most of the day 1925/1935 we saw Gold dip below 1920 early in the US session only to find good support and a move back through key resistance to a high of 1967. It dipped back to close at 1951 but has seen buyers since taking it back to 1961. Silver also gained over 8% on the day. US indices had a mixed day with yields impacting and a late comment from McDonnell stating that the Senate will be on recess for the rest of August unless a stimulus deal can be finalised. This delay to any agreement weighed on risk, however into the close all three major indices were largely unchanged on the day. Today’s highlight for the upcoming Asian session will be a bunch of Chinese data including Industrial Production and Retail Sales we also have a speech from RBA’s Lowe so we could see some volatility on the back of these events. EU GDP and US Retail Sales to follow to round off the week.

Trade the global markets with a broker that has integrity, honesty and transparency at its core


Market Wrap: 24 August 2023

Stocks Rally on Tech Optimism, Fed Rate Outlook:  Lackluster US, Europe economic data opens door for rate pause Nvidia’s bullish sales outlook prompts after-hours stock

Read More »

Market Wrap: 15 August 2023

Yuan Falls on PBOC Rate Cuts; Asian Stocks Mixed:  Japan’s economy shows resilience as growth beats estimates Economic woes mount in China as post-pandemic recovery

Read More »

Market Wrap: 11 August 2023

China Tech Pulls Asian Stocks Lower; Dollar Steady:  US core CPI posts smallest back-to-back increases in two years Daly says Fed has ‘more work to

Read More »

Market Wrap: 31 July 2023

Asian Stocks Echo US Rally on Soft Landing Hopes:  Yen declines after unscheduled Bank of Japan bond buying China manufacturing PMI data shows contraction in

Read More »

Market Wrap: 27 July 2023

Stocks Rise, Dollar Slips as Rates Peak in Sight:  ECB will raise rates by another quarter-point, survey shows US data Thursday include GDP, initial jobless

Read More »

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved