29th May 2020 Overnight Market Wrap

Key Points

Equities, USD weaker, oil prices firm, gold largely flat
U.S. President Trump to hold a press conference “about China” on Friday
U.S. Durable goods -17.2%, Initial Claims print at 2.13mln

Bias: Risk off

Commentary

U.S. stocks had a bad session overnight, breaking a three-session winning streak after U.S. President Trump said he would hold a press conference on Friday specifically about China. This follows on after Australia, Canada and the U.K. issued a joint statement condemning China’s national security laws on Hong Kong. Adding to the pressure were soft economic reports out of the U.S.

The Big Dollar was on the nose overnight, fading slightly against most of the majors. The Aussie shadowed the U.S. equity market over the day, while the Euro continued to benefit from Wednesday’s bailout news.

Oil prices rose just over 2%, while gold was largely unchanged on the day.

Bias

A heavy data calendar today, but we expect most to be sidelined ahead of Trump’s press conference tonight. Data today sees Japanese CPI, Unemployment, Industrial Production and Retail Sales, while tonight sees German Import Prices and Retail Sales and U.S. Wholesale Inventories.

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