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Risk Mood Prevails; Dollar Remains Soft

USD

The dollar index, which measures the greenback against a basket of major currencies, extended losses falling to almost a three-month low of 97.29, as investors favored riskier currencies. The hopes of economic recovery after the first wave of the pandemic and the prospects of further government stimulus intensified risk appetite. Market participants are looking forward to a series of economic indicators to be published to assess further the impact of COVID19 on the US economy. The EURUSD soared to $1.1227, the GBPUSD ascended to $1.2611, and the risk-sensitive AUDUSD climbed to a five-month high of $0.6983.

Equities

Major US stock index futures extended upside rally supported by optimism over reopening the economy. Investors ignored the ongoing riots, the tensions between China and the United States, and focused on the reopening of businesses in the United States and other top countries. On the other hand, the possibilities of further monetary and fiscal stimulus boosted the rally. The Dow Jones Industrial Average futures rose to 25886, the S&P500 futures rallied to 3093, and Nasdaq futures advanced to 9696.

Gold

Gold prices drifted lower as investors favored riskier assets amid improved risk sentiment. The price of a gold ounce dipped to $1720, the price of a silver ounce declined to $17.75, and palladium futures held steady slightly below $2000.

Oil

Oil prices added to their previous gains amid hopes of extending OPEC+ cuts. Market participants are awaiting the outcome of the online meeting between OPEC and its allies, where they discuss the current market status. They are hoping that top oil producers will agree on extending the 9.7 million barrel production cut till July or August. On the other hand, the American Petroleum Institute reported a decline of 0.5 million barrels in crude oil stock last week. The West Texas Intermediate July delivery rose to 38.16, and Brent Blend August delivery crossed above $40 to $40.52 for the first time since early March.

Major Economic Events

GMT Country Event Expectation Previous

8:30

UK

 Services PMI (May)

28

27.8

9:00

EZ

 PPI (MoM) (Apr)

-1.8%

-1.5%

9:00

EZ

 Unemployment Rate (Apr)

8.2%

7.4%

12:15

US

 ADP Nonfarm Employment Change (May)

-9.000

-20.236

14:00

CA

 BoC Interest Rate Decision

0.25%

0.25%

14:00

US

 ISM Non-Manufacturing PMI (May)

44.0

41.8

14:00

US

 Factory Orders (MoM) (Apr)

-14.0%

-10.4%

14:30

US

 Crude Oil Inventories

-1.944

7.928

Disclaimer

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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