- S&P 500 Futures struggle to keep the four-day winning streak amid quiet trading session in Asia.
- Coronavirus-related headlines entertain traders following the previous day’s risk-on moves, backed by the Sino-US trade deal optimism.
- Traders turn cautious as reaching closer to the key speeches from the Jackson Hole Symposium.
S&P 500 Futures stay modestly changed near 3,445 during the initial hour of Tokyo trading on Wednesday. While the lack of major data/events joins mostly empty news feed to restrict the risk barometer’s latest moves, it seesaws near the record top of 3,448.75 flashed the previous day. Even so, updates concerning the coronavirus (COVID-19) offer intermediate moves to the equity derivative.
Recently, chatters concerning the UK government’s funding for the University of Cambridge’s vaccine trials join the league of the US rush for the pandemic’s cure. Further, stabilization in the virus cases from Victoria and an absence of any major outbreak in Japan, New Zealand and the US also favor the market optimism.
Though, traders seem to get worried ahead of the central bankers’ words from the American podium. The reason could be traced from the global bankers’ push for further easing to combat the virus wave 2.0. While the events will start from 00:00 GMT on Thursday, traders will keep eyes on the Fed Chair’s speech at 14:00 GMT.
Other than the news/updates, the economic calendar also remains mostly dull after the US Consumer Confidence dropped to the lowest in six years. Among the slim data line, mixed trade numbers from New Zealand and Japan’s upbeat Corporate Services Price Index were the notable ones.
Amid all these catalysts, the US 10-year Treasury yields rise 1.5 basis points to attack 0.70% whereas Japan’s Nikkei 225 drops 0.26% by the press time.
Looking forward, the July month Leading Economic Index from Japan and the US Durable Goods Orders will decorate the calendar while risk catalysts can keep the driver’s seat.
Reprinted from fxstreet, the copyrights all reserved by the original author.
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