- U.S. stocks shrug off U.S. riots to post gains on the day
- USD and gold weaker, oil prices slightly firmer again
- Focus today on Australian GDP and Chinese Caixin PMI
Bias: Risk on
U.S. stocks traded slightly firmer overnight, with players largely ignoring the rioting and looting going on in the U.S. to instead focus on the U.S. and global economies continuing to open up after Corona Virus. With no major data on tap, the market just generally floated higher over the day.
The USD was weaker against most of its counterparts overnight, pressured by the continued uprising in the U.S. The AUD outperformed on the day into local Q1 GDP numbers, while GBP remained on the nose as the market begins to talk up an extension to the Brexit plan.
Oil prices traded to a three-month high on hopes that producers will extend the current production cuts. Gold was weaker as sellers continued to outweigh buyers.
Asia today will be all about the data, with Australian Building Approvals and GDP slated for release, as is Chinese Caixin PMI. Tonight sees European PMI’s along with Euro-zone unemployment, while US ADP Non-Farm Employment Change and PMI are also due. Canada will also announce on rates today, with no change expected.