August 25: Overnight Market Wrap

August 25: Overnight Market Wrap

Key notes:

USD stronger with momentum ahead of Jackson Hole

Gold closes down $14 at $1926 after spiking to $1962

S&P500 and Nasdaq closes at record highs. Again!

Once again the Nasdaq and S&P500 take the headlines for new all-time highs. The tech boom showing the way as an adjustment to members of the Dow Jones index shows how quickly investor momentum can change with Exxon Mobil dropping out after being the world’s largest company only 7 years ago! Positive vaccine news helped support risk throughout the day with the USD on the backfoot for most of Asia and European trading before the US session saw the greenback bounce back somewhat. Possibly some positioning ahead of Powell’s speech on Thursday. Gold spent most of the day 1930-1940 but took a leap on the European open squeezing as high as 1962 a $50 jump from Fridays low squeezing some intraday players, however momentum swung back the other way and the pair closed back at 1926. The AUD failed above 0.7200, EUR/USD capped at 1.1850 and Cable despite a brief rally back to 1.3150 fell back 100 pips into the close to all finish not far from where they started yesterday as 10 year yields creeped higher aiding the USD bid tone. On the political front the Republicans officially nominated Trump as their candidate for the 2020 election but more of note was India announcing a phase out of Huawei from its networks that could likely inflame an already tense relationship with China. In Asia we will see Australian weekly payroll data likely to highlight the lockdown in Victoria and impact on the local economy, however the German IFO release will be the highlight during the European 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