Gold rose on Monday after the previous session’s steep fall, boosted by hopes of dovish monetary policy from the U.S. Federal Reserve.
Technical Resistance: 1728/1749
Technical support: 1685/1670
- Nasdaq ends at record, confirms bull market on economic recovery hopes
- US Treasuries yields fall as market gobbles up three-year notes
- Dollar slips, commodity currencies gain as risk sentiment improves
- USDMYR traded at 4.2563
- 09 June 2020 Malaysia time 1:45 pm – Swiss Unemployment Rate s.a. (May)
- 09 June 2020 Malaysia time 2:00 pm – German Trade Balance (Apr)
- 09 June 2020 Malaysia time 6:00 pm – OPEC Meeting
Nasdaq ends at record, confirms bull market on economic recovery hopes
The Nasdaq posted a record closing high on Monday, becoming the first of the major indexes to confirm a new bull market, while the S&P 500 ended in positive territory for the year as expectations for a swift recovery from a coronavirus-driven downturn increased. Rising technology and communication stocks have driven gains in the Nasdaq, which confirmed a new bull market just 16 weeks after coronavirus fears crushed stocks and pushed the U.S. economy into recession.
US Treasuries yields fall as market gobbles up three-year notes
U.S. Treasury yields retrenched a little on Monday from last week’s dramatic rise, while an auction of three-year notes was met with solid demand. The benchmark 10-year yield was last down 2.6 basis points at 0.8785%. Yields spiked on Friday in the wake of a better-than-expected May employment report with the 10-year note yield rising above 0.9% for the first time since March 20.
Dollar slips, commodity currencies gain as risk sentiment improves
The U.S. dollar fell and commodity currencies gained on Monday, as risk appetite increased on optimism about recovery from the coronavirus pandemic amid a blockbuster May U.S. jobs report last Friday.
Source: Bloomberg, CNBC, Reuters