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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

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    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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Home Opinion & Analysis Columnists

CFDs Review June 29, 2020 to July 3, 2020: Forex, Indices and Commodities

Sunday, 5 July 2020, 8:14 pm
in Columnists, Opinion & Analysis
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CFDs Review June 29, 2020 to July 3, 2020: Forex, Indices and Commodities
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On Monday, the dollar ended the day mixed against its major rivals. GBPUSD eased to monthly lows around 1.2251 under pressure of scarce progress in Brexit talks. EURUSD teased 1.1300 but gave it all up to close with little change around its open. Gold finished without much advance nor decline, ending around $1,770 a troy ounce.

Dow Jones Industrial Average advanced by 580 points, or 2.3%, to end at 25,596.  S&P 500 index added 1.5% to 3,053, led by a 3.2% surge in industrials and a 2.1% rally in communication services.  The Nasdaq Composite Index added 1.2% to close at around 9,874.

The US dollar suffered on Tuesday amid high risk-on mood. Equities showed phenomenal performance with the S&P 500 posting its best quarterly advance in 20 years. Major pairs remained within familiar levels. GBPUSD recovered to settle around 1.2400 despite grim Brexit headlines. EURUSD remained unchanged for the month of June around 1.1200.

Gold prices soared in a brief panic response to US Fed’s chief Powell’s mention of an extraordinary uncertainty surrounding the economic outlook due to the pandemic. Spot reached a multi-year high of $1,785. Crude Oil prices rallied with WTI teasing $40.00 per barrel.

  • Read also; Nigerian Stock Market Review and Stock pick for the week ahead 6th July – 10th July 2020

The S&P 500 gained 1.5% to 3,100 while the Dow Jones Industrial Average DJIA, added 0.9%, or 217 points, to 25,812. The Nasdaq Composite put on a further 1.9% to end at 10,059. In terms of quarter performance, the S&P rallied 18%, the Nasdaq Composite soared 29.4%, and the Dow ended higher by 15.6%.

On Wednesday, market mood remained high keeping the US dollar suppressed against major rivals. EURUSD remained limited by grim Brexit outlook, unable to break above 1.1270. USDJPY surrendered three-week high of 108.16, and settled around 107.50. Gold eased to $1,770 a troy ounce amid risk-on mood.

S&P 500 unofficially closed up 15.75 points, or 0.51%, at 3,116.04. NASDAQ unofficially closed up 94.92 points, or 0.94%, at 10,153.69. Dow Jones unofficially closed down 74.66 points, or 0.29%, at 25,738.22.

Thursday was filled with excitement as the US Nonfarm Payroll report showed the country adding 4.8 million jobs in June with unemployment rate falling to 11.1%. However optimism lost speed as a record 51,000 new cases of COVID-19 were reported. Benchmarks trimmed any gains managed from the employment figures excitement. Gold fell to 1,757.44 suffering temporarily due to the initial risk on mood. It however recovered to $1,776. Crude oil stayed within familiar levels, with WTI around $40.00.

  • Read more; Ebonyi State Governor tests positive for Covid-19

The S&P 500 added 0.5%, its fourth-straight gain and ended the holiday-shortened week with a gain of 4%. The NASDAQ made another all-time high, aided by more gains in technology companies. The Dow Jones Industrial Average gained 92.39 points, or 0.4%, to 25,827.36.

On Friday, major pairs remained dull due to the US Independence day holiday. The dollar remained weak due to grim coronavirus situation in the US and rivals took advantage. Gold prices ended the day pretty much unchanged at $1,774.60 enjoying support at its level from risk aversion. Crude oil finished the day unchanged, but ended the week with gains.

The coronavirus will continue to take central stage as driver of markets in the days ahead.

Written by;

Nnadi Victor

An Independent Economics Researcher

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