5th June 2020 Overnight Market Wrap

5th June 2020 Overnight Market Wrap

 Key Points

  • Equities mixed, Dollar weaker, Oil and Gold both firmer
  • HKMA intervenes to buy the USD
  • All eyes on tonight’s U.S. Non-Farm Payrolls; Employment change expected at -500k

Bias: Risk off


U.S. stocks opened firmer overnight, supported by optimism that the worst was over for Corona Virus. Late trade saw the market pair back gains ahead of tonight’s Non-Farm Payrolls, which saw divergent closes across the major indexes. The DJIA ended firmer, while the S&P and NASDAQ were both slightly softer at the close.

The USD was weaker in overnight trade, pressured by the “risk on” posture, which saw the AUD, EUR and CAD all surge higher. Further support on the EUR was seen after the ECB announced a further E600bln in Q.E. Reports were also of HKMA intervention to buy the USD/HKD.

Gold prices rose overnight, continuing to decouple from other markets as short-coverers took over. Oil prices were firmer on continued talk of an OPEC+ production cut extension.


Expect a quiet end to the week in Asia, with all eyes going to be firmly focused on tonight’s U.S. Non-Farm Payrolls number. Other data today sees Japanese Household Spending and German Factory Orders.

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