2nd June 2020 Overnight Market Wrap

Key Points

Very quiet session overnight, US stocks commodities and currencies tightly mixed
U.S. Non-Manufacturing PMI as expected at 39.8
Quiet session expected in Asia; RBA expected to keep rates unchanged

Bias: Risk neutral

Commentary

U.S. stocks finished tightly mixed overnight, with the market taking a breather after recent volatility. Focus remained on the U.S. riots and the U.S./Chinese tensions, but little occurred that spurred trading one way or the other. U.S. Final Manufacturing PMI printed as expected at 39.8.

The Big Dollar was slightly weaker, amid tight ranges overnight, with some selling of the USD seen in relation to the riots across America. This saw the GBP and CAD as the biggest winners on the day, but all in all, markets remain within recent ranges.

Oil and gold prices both softened slightly amid light volume trade.

Bias

Expect another “pause” day on markets in Asia today, with little on the slate to break recent ranges. The RBA will meet today. There is little in the way of significant data expected for release today.

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