3rd July 2020 Overnight Market Wrap

3rd July 2020 Overnight Market Wrap

Key Points

  • U.S. Non-Farm Payrolls much better than expected; 4.8mln new jobs; rate falls to 11.1%
  • U.S. stocks opened firmer, before fading gains late amid the rise in Corona Virus cases
  • 4th of July Holiday in the U.S. expected to keep trading activity light today

Bias: Risk neutral

Commentary

U.S. stocks opened firmer out of the gates in line with the better than expected jobs report. The upside was then trimmed amid position adjustment ahead of the 4th of July U.S. holiday and as Corona Virus infection numbers continue to rise.

Currencies held recent ranges overnight, with most players sitting on their hands ahead of the July 4th holiday in the U.S.  The Big Dollar largely shadowed U.S. stocks over the day, initially trading firmer, before easing back into New York afternoon dealings.

Oil prices rose again on news of dwindling inventories, while gold was also firmer on the day.

Bias

With little major incentive from offshore markets overnight and with it being Friday, expect a quiet end to the week in Asia today. Data sees Australian Retail Sales and Chinese Caixin PMI while European PMI’s are also due later this global session.

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