Key Points

Bias: Risk neutral

Commentary

U.S. stocks were again firmer overnight, supported by better than expected data and quarter-end flows as the market again shrugs off continued Corona Virus concerns. Adding further support was congressional testimony from Fed’s Powell and Treasury Secretary Mnuchin who both reaffirmed their commitments to support the U.S. economy though Corona Virus.

Currency markets were quiet overnight, with the majors largely unchanged on the day. Players are noting a lack of liquidity ahead of Friday’s 4th of July holiday in the U.S.

Commodities were mixed, with oil prices weaker and gold prices firmer on month-end position adjustment.

Bias

A fresh slate today, with many players coming into the session flat. Data focus today will be on the Japanese Tankan Report, Chinese Caixin Manufacturing PMI, European PMI’s and U.S. ADP Non-Farm Payrolls.

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