Today's edition of the Saxo Morning Call features Saxo Bank Head of Equity Strategy Peter Garnry, Head of Commodity Strategy Ole Hansen, and Saxo bonds specialist Althea Spinozzi discussing the Federal Open Market Committee minutes, the USD rally, and the Fed's ongoing willingness to tighten policy.
Podcast: New S&P 500 all-time high in sight while gold tumbles
Equities are grinding higher today with a new all-time high in the S&P 500 in sight. The real action continues in gold which dipped below 2,000 earlier as real yields continue to climb a bit and traders book profits following the three-week surge. Oil continues to be range bound ahead of monthly oil market reports. Vestas' Q2 earnings this morning showing strong revenue generation and FY20 revenue guidance significantly above market expectations.
Market Quick Take - August 11, 2020
Equity futures advanced in Asia overnight, extending a rally that has taken the S&P 500 within striking distance of its all-time high set in February. Technology stocks meanwhile are playing catch up after ending lower on Monday in response to simmering U.S. China tensions that may impact the sector. The dollar trades a tad softer while the risk-on sentiment and higher real yields have pushed gold back below the psychological important $2000 level.
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