28th July 2020 Overnight Market Wrap

28th July 2020 Overnight Market Wrap

 Key Points

  • Gold hits a new historical high of $1,945.26/oz
  • US stocks rise, led by high techs
  • USD weaker overnight, the Euro outperforms

Bias: Risk neutral

Commentary

U.S. stocks snapped a two-day losing streak overnight, supported by bargain hunting in techs. Also supporting was expectations for another round of Corona Virus inspired stimulus. Volumes however were light ahead of earnings from Google, Facebook, Amazon and Apple this week. Moderna shares also rose after announcing it had received further Government funding for its virus vaccine.

The Big Dollar remained on the nose overnight, weakening against all the majors. Switching into the Euro saw it outperform the G7 currencies on the day. Commodity currencies also did well amid firmer commodities and equities.

Oil prices were again firmer, while Gold posted a new record high of $1,945.26/oz.

Bias

Expect the same grinding like trade in Asia today as yesterday, with gold expected to continue to capture interest. The data calendar today is light with little more than Spanish Unemployment and U.S. Consumer Confidence due for release.

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