Global rally lifts all markets

July 9, 2020

By IFCMarkets

Top daily news

Equity markets are trading in risk on mode currently ahead of US data expected to show over million Americans lost jobs last week while the declining trend for new unemployment benefits applications persisted. Stock markets traded higher on Wednesday despite Federal Reserve officials recent doubts about the durability of the rebound.

Forex news

Currency Pair Change
EUR USD +0.06%
GBP USD +1.57%
USD JPY -0.07%
The Dollar weakening is intact today ahead of US Labor Department report expected to show 1.375 million Americans likely sought unemployment benefits over the last week. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.5% Wednesday as Federal Reserve reported consumer credit dropped 5.3% on an annual basis in May, after plunging 20% in April. EUR/USD joined GBP/USD’s continued climbing yesterday with both pairs higher currently. USD/JPY reversed its rising yesterday while AUD/USD reversed its sliding with the dynamics intact for both pairs currently.

Stock Market news

Indices Change
Dow Jones Index +0.24%
GB 100 Index -0.29%
Nikkei Index +0.4%
Futures on three main US stock indexes are mixed currently after a bullish session on Wednesday. Stock indexes in US ended higher: the three main US stock indexes recorded gains ranging from 0.6% to 1.4% led by technology shares. European stock indexes are mixed currently after a pullback Wednesday led by banks and energy shares. Asian indexes are higher today led by Shanghai Composite as the decline of China’s factory gate prices slowed in June.

Commodity Market news

Commodities Change
Brent Crude Oil +0.31%
WTI Crude -0.4%
Brent is edging lower today. Prices advanced Wednesday despite the US Energy Information Administration report that US crude oil inventories rose 5.7 million barrels last week, after a fall of 7.2 million barrels the week before. The US oil benchmark West Texas Intermediate (WTI) futures gained: August WTI added 0.7% but is down currently. August Brent crude closed 0.5% higher at $43.29 a barrel on Wednesday.

Gold Market News

Metals Change
Gold +0.27%
Gold prices are extending gains today. August gold rose 0.6% to $1820.60 an ounce on Wednesday.

Market Analysis provided by IFCMarkets

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