In case you missed the big news over the weekend in the US:
Love him. Hate him. It is no excuse to want another person dead. Trump ended up just getting a graze on the ear by some wild fortune but we could’ve just as easily been putting up a different headline this morning.
So, how are markets taking to that, if at all? Well, for one the betting markets are now seeing his re-election odds soaring again. It’s a kneejerk reaction to the event of course. But he was already odds on to beat Biden anyway if the latter continues to stay in contention for the November election.
In major markets, I wouldn’t say the impact is too evident. The dollar is marginally higher to start the day but it’s nothing out of the ordinary. The greenback is looking to find some footing after the losses last week. USD/JPY remains a focus after Japan intervened, with the pair hugging close to the 158.00 level now.
In the equities space, S&P 500 futures are up 0.2% as stocks continue to hold up. Wall Street saw a late retreat on Friday but still ended higher. And major indices will be in the hunt for a third straight week of gains.
Looking to the session ahead, there won’t be much to cause a splash in markets. There will just be some light releases as traders and investors will be looking to settle into the thick of things, following quite a number of big sporting events over the weekend.
0630 GMT – Switzerland June producer and import prices
0800 GMT – SNB total sight deposits w.e. 12 July
0900 GMT – Eurozone May industrial production
Besides that, there is China’s third plenum meeting ongoing and a Eurogroup meeting today to discuss fiscal matters. The latter is one to perhaps stay abreast of especially after the French elections.
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
4 – Spain’s victory over England in the final sees them clinch a record fourth Euro title. They previously lifted the trophy in 1964, 2008, and 2012. It’s not coming home.