Gold erased earlier losses on Friday as the relentless coronavirus spread globally with a record jump in COVID-19 infections in the United States marring risk appetite and setting the metal on track for its third straight weekly rise.
Technical Resistance: 1786/1803
Technical support: 1752/1739
- Wall Street ends lower as coronavirus surge prompts renewed restrictions
- Japan’s May retail sales fall sharply as lockdown measures hit demand
- China industrial firms’ May profits post first monthly rise in 6 months
- USDMYR traded at 4.2922
- 29 June 2020 Malaysia time 5:00 pm – EU Consumer Confidence (Jun)
- 29 June 2020 Malaysia time 8:30 pm – Canada Building Permits (MoM) (May)
- 29 June 2020 Malaysia time 10:00 pm – U.S. Pending Home Sales (MoM) (May)
Wall Street ends lower as coronavirus surge prompts renewed restrictions
Wall Street’s major indexes tumbled more than 2% on Friday as several U.S. states imposed business restrictions in response to a surge in coronavirus cases. A Wall Street Journal report that the Phase 1 U.S.-China trade deal could be at risk placed additional pressure on U.S. stocks. According to that report, Chinese officials warned that “meddling” in Hong Kong and Taiwan could lead Beijing to back away from its commitment to purchase U.S. farm goods.
Japan’s May retail sales fall sharply as lockdown measures hit demand
Retail sales in Japan tumbled at a double-digit pace for the second straight month in May as the coronavirus pandemic and lockdown measures delivered a heavy blow to consumer confidence. Retail sales fell 12.3% in May from a year earlier, pulled down by a slump in spending on big ticket items such as cars as well as clothing and general merchandise, trade ministry data showed on Monday.
China industrial firms’ May profits post first monthly rise in 6 months
Profits at China’s industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction and brightening the outlook for manufacturing investment and jobs. China’s national bureau of statistics said profits at China’s industrial firms in May rose 6% year-on-year to 582.3 billion yuan ($82.28 billion), according to a statement on Sunday.
Source: Bloomberg, CNBC, Reuters