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.

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