16th July 2020 Overnight Market Wrap

16th July 2020 Overnight Market Wrap

 Key Points

  • Equities in the U.S. rise on positive Beige Book and strong earnings from Goldman Sachs
  • USD slightly weaker across the board on the firmer equities
  • Oil prices rise after OPEC+ agrees to taper output cuts

Bias: Risk on

Commentary

A perfect storm of positive news hit U.S. markets overnight seeing U.S. equities again manage to eke out gains on the day. Support was found from a better than expected Fed Beige Book report, continued good news from Moderna on a Corona Virus vaccine and on better than expected earnings from Goldman Sachs.

The USD was slightly weaker across the board as risk was again put on amid the firmer equities. The Canadian Dollar shrugged off an as expected Monetary Policy Statement from the BoC, while the Aussie continued to grind higher on risk buying.

Oil prices rose after OPEC+ agreed to taper output cuts. Gold was also firmer on the day.

Bias

Expect Asian stocks to see a bid today amid the firmer U.S. equities. This could see some further selling of USD. Data today sees Australian Unemployment, Chinese GDP, Unemployment, Industrial Production and Retail Sales, U.K. Unemployment and U.S. Retail Sales and Initial Claims.

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

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