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OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 5/02/20 8:15am AEDT
- SPI200 (Mar) overnight futures up 43 pts to 6931
- SP500 up 48.67 pts to 3297.59
- NASDAQ up 194.57 pts to 9467.97
- Dow Jones up 407.82 pts to 28,807.63
- FTSE100 up 113.51 pts to 7439.82
- DAX30 up 236.55 pts to 13,281.74
- GOLD futures (April Contract) down $24.20 to $1558.20 an ounce
- COPPER futures (Comex Mar) up $0.035 to $2.546 a pound
- OIL futures US Session (Nymex Mar) down $0.58 to $49.53 a barrel
- CRB Index down 0.12 pts to 167.93
- AUDUSD trading at 0.6738
- EURUSD trading at 1.1044
- GBPUSD trading at 1.3028
- USDJPY trading at 109.5200
- USD Index US Session (ICE March) up 0.150 to 97.805
US Indexes backed up with another strong session overnight with a massive rally from the opening bell. Traders were supported by solid factory order data, which came out better than expected, and also as Chinas Central Bank added stimulus for a second day to support markets. The DOW closed up 1.44% while the broader SP500 was also up 1.50% and the Nasdaq ended strong up 2.10% for the session. In Europe, major Indexes were also supported by China stimulus and also from some upbeat earnings updates.
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The USD Index continued to bounce back from Mondays session beating to erase all of the losses. We expect that the move lower is not over yet and some further selling will pressure price lower in the near future. The EURUSD moved lower on the USD strength finding some support around 1.1034. We expect that the Euro will continue to grind lower as long as the Dollar is bid up. The GBPUSD found a bid as expected around 1.2960 after a clearing out the level of the European session open. Buyers managed to fight back off the lows to push price higher into the close of the US session. The AUDUSD managed to push up off the lows during the days session as the RBA kept rates on hold catching off guard traders who were expecting a cut. Price managed to hold onto the gains through the European and US sessions as virus fears were brushed aside and the US bounced hard. The USDJPY continued its rally as the dollar gained and safe haven YEN buyers dived for cover. Price action may find some resistance around the 109.650 zone.
Cryptocurrencies generally edged lower overnight although Ripple kicked on higher against the general flow of the action. Bitcoin is currently trading at $9182.6 down 1.47% while Ethereum is at $187.96 down 1.33% and Rippl is at $0.26676 up 5.20%.
The ASX200 fought back from the previous sessions selloff yesterday to end the day up 25.4 points to 6948.7. The Index cleared out a few buyers on the open and then rallied up until 2:30pm when the RBA kept rates on hold triggering some buyers to lock away gains fro the morning. The Consumer Staples sector was the best performer followed by Consumer Discretionary while Energy was the biggest drag on the action again. Rising stocks outnumbered declining ones by 629 to 531 and 349 ended unchanged.
The ASX200 is expected to open up 45 points after a very strong bounce in overnight markets.
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ECONOMIC DATA OUT TODAY (AEDT)
NZD Employment Change and Unemployment Rate 8:45am
AUD RBA Gov Lowe Speaks 12:30am
CNY Caixin Services PMI 12:45pm
EUR German Final Services PMI 7:55pm
EUR Final Services PMI 8pm
GBP Final Services PMI 8:30pm
EUR ECB President Lagarde Speaks 11:15am
USD ADP Non-farm Employment Change 12:15am
CAD Trade Balance 12:30am
USD Trade Balance 12:30pm
USD ISM Non-Manufacturing PMI 2am
USD Crude Oil Inventories 2:30am
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SPI200 INTRADAY LEVELS TO WATCH
