Global Markets:
- Asian Stock Markets : Nikkei up 1.38%, Shanghai Composite up 0.24%, Hang Seng down 0.11%
- Commodities : Gold at $1698.50 (+0.92%), Silver at $17.84 (+2.05%), Brent Oil at $42.84 (+1.28%), WTI Oil at $39.95 (+1.01%)
- Rates : US 10-year yield at 0.917, UK 10-year yield at 0.349, Germany 10-year yield at -0.283
News & Data:
- (EUR) German Industrial Production m/m -17.90% vs -16.00% expected
- (CNY) USD-Denominated Trade Balance 62.9B vs 41.4B expected
- (CNY) Trade Balance 443B vs 283B expected
- (USD) Unemployment Rate 13.30% vs 19.40% expected
- (USD) Non-Farm Employment Change 2509K vs -7750K expected
- (USD) Average Hourly Earnings m/m -1.00% vs 1.00% expected
- (CAD) Unemployment Rate 13.70% vs 15.00% expected
- (CAD) Employment Change 289.6K vs -500.0K expected
- Japan’s service sector sentiment rises 7.6 points in May
- Japan GDP Shrinks Less Than Estimated After Capex Revision
CFTC Positioning Data:
- EUR long 81K vs 75K long last week. Longs increased by 6K
- GBP short 36K vs 22K short last week. Shorts increased by 14K
- JPY long 33K vs 35K long last week. Longs trimmed by 2K
- CHF long 9K vs 9K long last week. Unchanged
- AUD short 41k vs 40K short last week. Shorts increased by 1K
- NZD short 13K vs 15K short last week. Shorts trimmed by 2K
- CAD short 33k vs 34K short last week. Shorts trimmed by 1K .
Markets Update:
Asian stock markets are mostly higher on Monday amid improved risk appetite following the rally on Wall Street Friday after a U.S. Labor Department report showed an unexpected jump in non-farm payroll employment in the month of May. The data bolstered hopes of a quick economic recovery. The Australian market is closed for a holiday.
The Japanese market is advancing for a sixth straight day while the safe-haven yen weakened following the gains on Wall Street Friday. Meanwhile, investors shrugged off mixed local economic reports. Mainland Chinese stocks edged higher on the day, with the Shanghai composite up 0.2% while the Shenzhen component rose 0.3%. Hong Kong’s Hang Seng index was fractionally lower.
The broad improvement in sentiment weighed on both the safe-haven Japanese yen and the dollar. The yen stood at 109.4 to the dollar, near Friday’s 10-week low of 109.85.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.888 after seeing levels above 97.8 last week. The sharp gains in U.S. bond yields over the past couple of days put more focus on the U.S. central bank, which will hold a two-day policy meeting ending on Wednesday.
Upcoming Events:
Monday, June 08, 2020
- EUR GMT – (EUR) ECB President Lagarde Speaks
Tuesday, June 09, 2020
- 01:00 AM GMT – (NZD) ANZ Business Confidence
- 01:30 AM GMT – (AUD) NAB Business Confidence
Wednesday, June 10, 2020
- 12:30 PM GMT – (USD) CPI m/m
- 12:30 PM GMT – (USD) Core CPI m/m
- 06:00 PM GMT – (USD) FOMC Economic Projections
- 06:00 PM GMT – (USD) FOMC Statement
- 06:00 PM GMT – (USD) Federal Funds Rate
- 06:30 PM GMT – (USD) FOMC Press Conference
Thursday, June 11, 2020
- 04:30 AM GMT – (CHF) SNB Financial Stability Report
- All Day – (EUR) Eurogroup Meetings
- 12:30 PM GMT – (USD) Core PPI m/m
- 12:30 PM GMT – (USD) PPI m/m
- 12:30 PM GMT – (USD) Unemployment Claims
Friday, June 12, 2020
- 06:00 AM GMT – (GBP) GDP m/m
- 06:00 AM GMT – (GBP) Manufacturing Production m/m
- 02:00 PM GMT – (USD) Prelim UoM Consumer Sentiment