10 September 2020 Thursday Morning Market Release
Overnight Reviews:
Gold: 0.77%
Silver: 1.16%
US Index: -0.30%
WTI Oil: 2.85%
NDX: 0.81%
Oil pared losses, investors await further market
clarity
Crude oil
managed to recover some losses from Tuesday, with a falling dollar supporting
the commodity. After rebounding from sub-zero levels in April, the black
commodity is expected to fluctuate within its $40 range until the market is
free from the pandemic fears and global demand restored. Investors will first
focus on today’s inventory data from the EIA to gauge oil’s movement.
Gold extended gains on inflation concerns
The safe-haven metal extended gains on Wednesday, as demand return to
the inflation hedging instrument. Despite the support from the pandemic’s
concerns, ongoing asset purchases from central banks worldwide raised concerns
on rising inflation. The upcoming ECB meeting is also widely expected to leave
comments on maintaining the current stimulus to continue supporting the
Eurozone economy.
Euro denying to fall while investors eyes on ECB meeting
The euro fell from its two-year high earlier this month following
investors’ shift in preference back towards the dollar. Brexit concerns and the
upcoming ECB policy meeting triggered a sell-off on riskier assets, although
the impact from a rising dollar was more significant on the pound. As the euro
hold onto its 1.1800 handle, investors are waiting for the ECB comments on the
current economic outlook and the impact of a stronger euro towards inflation
and economic growth.
Main Events Today GMT +8
19:45 EUR
Monetary Policy Statement
19:45 EUR Interest Rate Decision
20:30 EUR ECB Press Conference
20:30 USD PPI m/m
23:00 OIL Crude Oil Inventories
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