Today’s Fundamental Focus – 19th June 2020

Today’s Fundamental Focus – 19th June 2020

Today’s Market Outlook

The Asian open came about with a slightly upbeat tone on its equity markets especially, despite market conditions being indecisive at Wall Street. This is to demonstrate, that the positive correlation between Asian and US markets may have begun to fade but overtaken by Geopolitical factors instead. ASX 200 (+0.1%) was higher with initial out-performers in Australia driven by a reasonable rise in the consumer discretionary sector, which a record jump in preliminary sales data. 

In the currencies market, the AUD, CAD and CHF are trading from mildly to moderately Bullish so far. Based on short to medium term, the top three movers are as follows: 

NZD/CAD, GBP/NZD & CAD/JPY (based on 4hr chart).

However, with regards to pairs that are preferred or traded as the Top Three Top movers, in the medium to long term, these are as follows: 

GBP/NZD, AUD/NZD & NZD/CHF (based on Daily chart).

Today’s High Impact Events

The times below are GMT+3

Canada Retail Sales (15.30) 

As of market close yesterday, the CAD was seen to be trading sideways as it shrugged of a worse than expected inflation report on Thursday following its drop on CPI figures by 0.4% y/y in May. Wholesale sales in Canada, fell by a record 21.6 per cent to $49.8 billion in April, led by a drop in the motor vehicle and motor vehicle parts and accessories subsector, due to the COVID19 pandemic. Economists on average, had expected a drop of 12.6 per cent, according to financial markets data firm Refinitiv. 

US Fed’s Chair Powell Speech (20.00) 

Today’s speech may surround this fact: another 1.5 million U.S. workers filed jobless claims for the first time last week. This shows how long-lasting the US economic fallout from COVID-19 will be and supports the argument to continue the recently modified unemployment benefits, which was first passed in March. As for the Dollar, it is trading currently in the red and appears to be most Bearish against the CAD & CHF while its being in mixed sentiments (unclear trend) against the EUR. 

Coronavirus Status Update 

US CDC reported coronavirus cases increased by 22,834 to 2,155,572 and deaths increased by 754 to 117,632. In New York, the cases rose by 618 or 0.2% vs. Prev. 7-day average of 0.2% while in Texas, coronavirus cases rose by 3516 to a total of nearly 100,000 which was the largest daily increase on record for the state.  

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