Daily Roundup 8.7.2020


Equities are trying to start the EU session slightly positive as the intraday dip was bought. However, the upside momentum seems to be lacking following yesterday\s sell-off.

The macro calendar is empty today. Therefore, investors will most likely focus on the COVID cases count again, which has been a predominating fundament over the past few weeks anyway. 

In an interview with the Financial Times, published Wednesday, ECB President Christine Lagarde signaled the central bank might keep policy unchanged for some time after it almost doubled the size of its pandemic purchase program to 1.35 trillion EUR last month.

The EURUSD pair was still trading above the broken, bearish trend line, which was at 1.1260 yesterday. As long as the pair remains above this trend line, the medium-term outlook could be bullish, targeting 1.1350.

The WTI oil traded above the 40 USD threshold despite surprise crude inventory build shown yesterday. Crude was expected to see a second notable draw in a row this week but instead built by 2 million barrels, according to the latest API data. It looks like traders remain optimistic here.

From other news, industrial metals, such as copper and silver, were 0.5% stronger during the London session on Wednesday, while gold underperformed and was flat on the day. 
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