Here is what you need to know on Wednesday, June 24:
Risk-on and a subsequent dollar’s slump was the theme of the day. The trigger was comments from White House trade adviser Peter Navarro, who implied that the US-China trade deal had fallen apart, although he quickly rectified his words. US President Trump rushed to Twitter to save the day and stated: “The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” Mid-Tuesday, White House economic adviser Larry Kudlow reiterated that the trade deal with China was intact.
Markit released the preliminary estimates of its June PMIs for most major economies. All indexes beat the market’s expectations, with some countries such as France and the UK showing readings in expansion territory for the first time since the coronavirus chaos began back in March. The good news kept the mood underpin, boosting high-yielding currencies, but also those considered safe-havens. The dollar was the biggest loser.
Global indexes closed in the green, although Wall Street eased ahead of the close. The retracement could be attributed to comments from US Secretary Mnuchin, who said that the upcoming stimulus package would likely be focused on getting people back to work, suggesting infrastructure investment won't be part of it.
The market ignored news from Germany, indicating that Wirecard AG, a payment processor, and financial services provider reported €1.9 billion in cash missing. Former Wirecard CEO Markus Braun has been arrested on Tuesday, days after the company reported the loss.
In the US, the number of new coronavirus cases remains on the rise. US President Trump said it was because they are testing more, later adding that he was just “joking.” Anyway, concerns are up, and there are good chances that some states will return to tighter control measures.
Gold surged to $1,770.00 its highest since 2012, amid the broad dollar’s weakness. Crude oi prices trimmed gains ahead of the close, erasing intraday gains as Wall Street eased from daily highs.
Reprinted from FXStreet. All copyrights are reserved by the original author.
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