US Stock Futures Inch Higher Despite Civil Unrest

US Stock Futures Inch Higher Despite Civil Unrest


Major US stock index futures extended upside move as investors' ignored the civil unrest in the country and focused on the reopening of the economy from the coronavirus pandemic. Last night President Trump stated that he would deploy the military if states and cities fail to stop the protests. Market participants could reassess the situation if the protests were to stay throughout the summer and disrupt the plans of reopening business. On the other hand, the US-China tensions are still developing following reports that China will halt US farm imports. However, the stock market managed to recover from the headline drop. The Dow Jones Industrial Average futures rose to 25470, the S&P500 futures rallied to 3054, and Nasdaq futures advanced to 9623.


The Australian dollar was almost unchanged against rivals following the Reserve Bank of Australia monetary policy meeting. The bank left policy unchanged while confirming the readiness to scale up asset purchases if necessary, and affirming that interest rates will remain at their low levels until progress is made towards full employment and inflation targets. The AUDUSD held prior gains trading at $0.6810, the EURAUD declined to a three-month low of 1.6335, and the AUDJPY soared to 73.40.


The dollar index, which measures the greenback against a basket of major currencies, dropped to an eleven-week low of 97.74 as market participants favored riskier currencies. The plans of reopening the economy around the world are supporting investors' risk appetite driving them towards riskier currencies. The EURUSD rose to $1.1137, the GBPUSD rallied to $1.2553, and USDCAD declined to 1.3529.


Gold prices eased from a two-week high awaiting fresh fundamental drivers. The price of a gold ounce declined to $1734 from $1744, the price of a silver ounce dropped to $18.12, and palladium held steady near $2000.


Oil prices continued to hover near their highest level since March awaiting fresh clarity on the future of OPEC+ cuts. OPEC+ will likely hold an online meeting on June 4 to discuss the market status. Market participants are awaiting the decision whether producers will agree on extending the current cuts till July or August. The West Texas Intermediate crude July delivery rose to $35.80, and Brent blend August delivery ascended to $38.81.

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