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Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]

Daily Market Comment – Fed soothes stimulus anxiety; dollar pares losses

Posted on July 30, 2020 at 8:52 am GMT

Fed tight lipped on new forward guidance but reaffirms pledge on easy policy Stocks buoyed but cautious ahead of tech earnings, US GDP and jobs data Dollar falls on Powell remarks, then bounces back; gold slips Fed maintains course, ups pressure on Congress The Federal Reserve left monetary policy unchanged on Wednesday but warned of a “slowing in the pace of the recovery”. Having already implemented a full range of tools in its fight against the coronavirus, the Fed’s decision [..]

Daily Market Comment – Tough stimulus talks weigh on markets; dovish Fed might help

Posted on July 29, 2020 at 8:32 am GMT

Dollar finds support from stalled stimulus talks amid splits in Congress Stocks struggle on poor earnings, stimulus delay; gold pauses rally Fed might bring some cheer if it reinforces dovish message Fiscal cliff worries mount as talks drag on Fears that the United States could be headed for a fiscal cliff undermined investor sentiment on Wednesday as Congress was no closer to reaching a deal on a new virus relief bill. An agreement before the month-end deadline is looking increasingly [..]

Daily Market Comment – Euro flatlines but stocks lifted by vaccine and stimulus progress

Posted on July 21, 2020 at 8:50 am GMT

EU strikes compromise deal on a virus recovery fund but euro pares gains Positive vaccine headlines drive Nasdaq to record close as key earnings loom Win-win situation for gold as it climbs to 9-year highs Focus turns to talks on US fiscal package and Brexit; dollar sags but pound upbeat Europe gets its fiscal bazooka; euro pauses for breath European Union leaders ended a marathon summit on Tuesday with a classic fudge as a compromise deal that significantly waters down [..]

Market Comment – Fears grow about virus surge but stimulus hopes put a lid on risk-off

Posted on July 17, 2020 at 8:41 am GMT

US daily virus tally tops 77,000; escalation in Australia and Japan also worries investors Stocks tread water but stimulus and vaccine hopes keep bull market alive Euro on the backfoot ahead of EU stimulus decision No letup in new virus cases yet A continued surge in the number of new coronavirus cases being reported in hotspots around the world has taken the steam out of the risk rally this week, with not even robust data out of China and the [..]

Daily Market Comment – Dollar edges up, stocks slip as recovery doubts set in

Posted on July 16, 2020 at 8:50 am GMT

China’s GDP bounces back but signs of uneven recovery dampen sentiment White House’s tough line on China also a drag on risk assets Euro softer ahead of ECB; Stocks eye US earnings and retail sales for direction China returns to growth but weak spending worries markets As far as V-shaped recoveries go, China’s economic recuperation from the coronavirus couldn’t look more V-shaped. Gross domestic product (GDP) jumped by 11.5% over the quarter to June after collapsing by almost 10% in [..]

Daily Market Comment – Euro surges, stocks bounce back amid fresh vaccine hopes

Posted on July 15, 2020 at 8:33 am GMT

Vaccine hopes boost risk assets; Wall Street selloff is over before it even began Euro and aussie charge ahead; pound and loonie try to catch up Oil holds its nerve as OPEC+ set to ease production cuts Mixed earnings overshadowed by promising vaccine results Global equities were back in bullish mode on Wednesday after a brief wobble earlier in the week had some investors worried that this could be the start of a long overdue correction in the markets. However, [..]

Daily Market Comment – Wall Street stumbles as US-China tensions brew, virus cases surge

Posted on July 14, 2020 at 8:46 am GMT

Nasdaq falters as more US states roll back reopenings amid record new infections Sino-US tensions also upset stocks, but dollar and gold hold steady Markets braced for busy week as earnings, data and central bank meetings coming up Tech stocks in rare selloff Shares on Wall Street slipped late into the session on Monday as a persistent surge in new coronavirus cases across the United States unnerved investors. The tech-heavy Nasdaq Composite had been trading in record territory before reversing [..]

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Fear gauge and gold are still flashing red; are stocks finally taking note? – Special Report

Posted on July 9, 2020 at 1:02 pm GMT

The resurgence in coronavirus cases appears to have put a pause on the relentless risk rally that has propelled global stocks to recoup almost 80% of the March crash. But as stocks drift sideways while investors re-evaluate the prospect of a V-shaped recovery, the bulls still seem to have the upper hand. A resumption of the uptrend looks like a stronger possibility than a downside correction judging by the market sentiment and technical indicators. However, the markets’ two best barometers [..]

Daily Market Comment – Record NFP jump overshadowed by US virus surge

Posted on July 3, 2020 at 8:51 am GMT

US economy adds record 4.8 million jobs in June but virus jitters cap risk appetite Stocks pare gains, dollar pulled in opposite directions Rising caution may shift attention back to stimulus as US, EU decisions pending US jobs report smashes forecasts but fails to lift markets The latest nonfarm payrolls report did little to dent expectations of a V-shaped recovery as a record 4.8 million jobs were restored in America in June, beating forecasts of an increase of 3 million. [..]

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