Today's Focus: Chicago PMI, Consumer Confidence, Powell| KOL Analysis•Fanny Arianti Arief

The dollar strengthened slightly yesterday as the market began to weight competition in the Covid-19 case, offset by solid economic data. Investors also adjusted their portfolio for US employment data. Increasing the number of viruses transferred by several US states canceled reopening the economy, such as Texas, Florida and California. That makes investors look at the safe-haven dollar again. On the other hand, economic data began to show recovery. Data overnight showed existing home sales rebounded by collecting their highest in May. Market participants are also weighing on US non-farm payroll data, which is expected to grow 3 million in June. However, projections about this data vary from only 405 thousand jobs to 9 million.

The pound dropped to a one-month low of the US dollar yesterday amid calls for how Britain will pay for the infrastructure program being moved. In addition, sterling is increasingly pressured because of the increasing post Brexit negotiations. The market began to doubt whether the UK could break an agreement with the European Union given the short deadline provided.

Gold prices still hold near the target level of $ 1,800 thanks to safe haven demand, while there is an unexpected risk from some investors who oppose the Covid-19 pandemic. During the second quarter of 2020, the price of gold has risen by around 11.79%. The surge in cases of corona virus in the US is a major factor in the rise in the price of gold. Even so, investors are now watching the movement of the stock market. If stocks go up, the price of gold can go higher.

Oil prices rose yesterday, anticipated by a recovery in energy demand, a delay in estimated repairs by a reappearance due to the locking in the number of corona viruses which has now reached 10 million. Market participants responded to positive data from China, which is the world's largest crude oil importer. industry profits in China rose 6% in May from a year earlier. This increase is the first increase this year, according to statistics released late last week. Oil sentiment was also lifted after signs of a decline in US shale oil production, the number of rigs decreased by 73% from a year ago. Even so, the market is still worried about the number of newly infected corona viruses that could trigger demand. The US is currently the country that records Covid-19 cases, with 2.55 million agreeing, and the death toll of 125,803. In Brazil with a greater number of cases than 1.34 and 57,622 deaths.

US Stock Index Futures moved horizontally to move second quarter trading. S&P 500 and Dow Jones only rose less than 1% in June. Nasdaq excels amid technology shares, with more than 4% registered this month. Meanwhile, the Dow Jones index gained 2.3% yesterday, supported by Boeing shares, which rose 14% after the glorious FAA trial of the Max 737.

Today's Focus: Chicago PMI, Consumer Confidence, Powell

China released the manufacturing and services PMI data this morning, which grew above expectations. The next market focus is on UK and Canadian GDP data, which are estimated to be 2% and 10.5%, respectively. While US data that will be released include; Chicago PMI and Consumer Confidence. The market will also be eyeing the Fed's official speech, including chairman Jerome Powell.Focus this Week: Chinese PMI, Powell, NFP

A series of data and events will again illustrate this week's market movements. Earlier in the week, investors examined the decision of Governor Andrew Bailey. Then the Chinese PMI data will come later. Some countries will also release GDP data, namely Canada and the UK. The event, the most awaited market is the testimony of Fed chairman Jerome Powell, as well as US employment data, including non-farm payroll.

[About The Author]

Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.

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