28th May 2020 Overnight Market Wrap

28th May 2020 Overnight Market Wrap

Key Points

  • U.S. stocks rose overnight, as players look to a potential economic bottom
  • Fed’s Beige Book: Businesses remain pessimistic
  • E.U. Commission’s rescue fund includes EUR750bln in new potential spending

Bias: Risk on

Commentary

U.S. stocks rose overnight, as equity market players shrugged off Chinese/American tensions and instead began to think that the economic turmoil has bottomed. This included ignoring a horrible Fed Beige Book, which was largely as bad as expected.

Although trading in a tight range, the EUR/USD saw an interesting session, with USD buying initially on continued Chinese/U.S. tensions, before Euro buying emerged on the announcement of the E.U. Commission’s rescue fund, which included a EUR750bln rescue fund.

Oil prices fell overnight, with traders focusing on a rising number of Corona Virus cases in Alabama. Gold came back slightly amid the firmer U.S. equities.

Bias

Expect continued skittish trading in Asia today, with short-term moves to be data driven. The slate includes German and Spanish CPI, along with U.S. G.D.P., Initial Claims and Durable Goods.

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