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2021/06/04 Market Chat

Authored by TD Markets
04.06.2021
Market Commentary
0
3 min

Yesterday was a rollercoaster of a ride as there was aggressive movement long and short and in the case of the US Indices bilaterally as well. The positive ADP and Unemployment Claims data that came out of the US yesterday did cause some extreme movement on the face of it, however, Russia decided to cut roughly $40 billion dollars worth of Dollar based assets out of its Wealth fund. ISM Services PMI also came out higher than expected as it will more than likely drive inflation higher as CPI is set to be released this month.

All the US indices sold off aggressively during the Open yesterday, but while the Dow and S&P recovered well, the Nasdaq struggled as it broke down again, with NFP looming today, we’re sure to see the data have a huge effect on the market. The Dax was by far the outperformer of the indices, as it recovered well to close out the day near its previous highs, seemingly helped by Russia moving assets into the German equities market.

The precious metals sold off aggressively yesterday as Gold made a low of $1856 in this morning’s Asian session down from yesterday’s open of $1908. Silver similarly made a daily low of $27.02 down from its daily highs of $28.20. Brent consolidated during the course of the day following a new 3 months high.

Bitcoin and Ethereum consolidated for the majority of yesterday before retracing down lower in the Asian session this morning.

The G7 meetings kick off today and ECB President Lagarde, and Fed Chair Powell is set to address the national representatives prior to NFP figures that are set to be released this afternoon.

Prior to the European open GBP, AUD and NZD strength came into the markets, while the Euro and CHF are weak against the major currencies. Keep an eye out for CAD and USD unemployment data set to be released later this afternoon.

Friday (SAST)
All Day - G7 Meetings
1:00pm - ECB President Lagarde Speaks (EUR)
Due to participate in a panel discussion titled "Central banks and climate change: how to manage expectations, balance actions and communication and contribute to coordinate with other important actors?" at the Green Swan 2021 Global Virtual Conference
1:00pm - Fed Chair Powell Speaks (USD)
Due to participate in a panel discussion titled "Central banks and climate change: how to manage expectations, balance actions and communication and contribute to coordinate with other important actors?" at the Green Swan 2021 Global Virtual Conference
2:30pm - Employment Change (CAD)

  • Unemployment Rate (CAD)
  • Average Hourly Earnings m/m (USD)
  • Non-Farm Employment Change (USD)
  • Unemployment Rate (USD)
Authored by TD Markets
04.06.2021
Market Commentary
0
3 min

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