4th June 2020 Overnight Market Wrap

4th June 2020 Overnight Market Wrap

 Key Points

  • U.S. data broadly better than expected
  • Equities surge, oil firmer, USD and gold weaker
  • Bank of Canada leaves rates unchanged

Bias: Risk on

Commentary

U.S. stocks shrugged off continued civil unrest in the U.S. to instead focus on better than expected ADP Non-Farm Employment and Non-Manufacturing ISM numbers. The gains were across the board with the NASDAQ now within 2% of its historical high.

The USD gave back a little bit of ground overnight, pressured on the move back into “risk” currencies amid the better than expected U.S. economic data. The Kiwi was the best performing currency on the day. In other news the Bank of Canada left rates unchanged, as expected.

Oil prices continued to grind higher on the day, on news that BP have begun to evacuate workers in the Gulf of Mexico amid the impending storm. Gold prices remained heavy.

Bias

Expect a consolidation of the overnight moves in Asia today, with local players expected to mark new levels and wait for fresh incentives. Data today sees Australian Trade and Retail Sales, along with a rate decision from the ECB (no change expected) and U.S. Initial Claims and Trade numbers.

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