Market Quick Take - June 29, 2020
Equity markets have hit a weak patch since Friday as New York closed on a sour note on the combination of a worsening acceleration in Covid19 cases in the US and as mega-cap Facebook plunged some eight percent on Friday as a growing group of advertisers are boycotting the platform for its perceived failure to suppress content. The week ahead features US June payrolls and employment data on Thursday in a shortened week for US traders.
Market Quick Take - June 26, 2020
Equity markets were quick to find support yesterday and maintained a strong tone overnight after a sizable sell-off the prior day. The 200-day moving average in the S&P500 survived after an intraday test yesterday. The FX market is mired in a very tight range with as traders seem unable to generate any conviction on new developments.
Market Quick Take - June 24, 2020
Equity markets are crawling back higher today after a bit of profit taking into the US market close late yesterday after the tech-heavy Nasdaq 100 posted strong new all-time highs. The NZD was sharply weaker overnight on the RBNZ adding foreign assets to its list of possible purchases. Meanwhile, gold closed at its highest level in almost eight years.