23rd July 2020 Overnight Market Wrap

Key Points

U.S. stocks firmer again overnight
Switching seen out of the USD into the EUR
Gold continuing to rise

Bias: Risk on

Commentary

U.S. stock market traders shrugged off the woe to see the market rise overnight, supported by a rise in Existing Home Sales and on news that Pfizer had secured US$2bln from the U.S. government for its Corona Virus vaccine. Late trade saw Tesla stock surge on a better than expected Q2 profit result.

The USD had a rough night overnight, with strong buying again seen in the Euro as traders hedge their U.S. Corona Virus bets with Europe. The AUD was also firmer but is currently off highs.

Oil prices were largely flat despite a surge in inventories. Gold has continued to rise breaching $1,870/oz.

Bias

All eyes in Asia today will remain on gold prices, which are continuing to rise in late U.S. trade. Data today sees very little in Asia, with Japan on holidays. Tonight sees U.S. Initial Claims

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