September 15: Overnight Market Wrap

September 15: Overnight Market Wrap

Key Points:

GBP volatility as UK government debate Internal Market Bill

Gold closes up $18 at $1958

Nasdaq breaks 2 day losing streak to close up 1.87%

US stocks closed stronger with the Nasdaq leading the way despite an initial sell off on the open closing up 1.87%. News that the US will keep the AstraZeneca trials on hold for longer despite the UK tests restarting, was the catalyst for the short dip but risk regained it’s focus and moved back higher on the day. The NZD outperformed whilst the CAD and AUD lagged painting a mixed picture but generally a weaker USD with the most notable moves in USD/JPY slipping from 106.10 to 105.55 before a late bounce. Cable also benefitted from USD weakness and a rebound on the back of opposition to PM Johnson’s plan to break the Brexit agreement signed less than a year ago. After jumping to 1.2918 the pair fell back as further debates in parliament showed some support for the Bill, closing at 1.2850. Another notable move was a firmer tone in precious metals with Gold up $18 on the day due to the weaker greenback, Silver also gained 1.67%. Oil was unchanged on the day. Overall the DXY still remains supported around the 92.75/80 level and likely to tread water ahead of the FOMC later this week. Markets may end disappointed if there’s no further clarity on the details around inflation management, however price action suggest there’s still considerable positioning in expectation of further dovishness from the Fed. For the upcoming session we will get a look at RBA minutes unlikely to hold any real surprises along with Chinese retail sales and industrial production. The volatility is likely to return in the European session where we will see UK employment data and further Brexit debate in parliament surrounding the UK’s new Internal Market Bill.

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