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Market Reports

8:34am, January 9th 2020

Risk assets soar as Trump backs off from potential Iran war…

The main focal point of Wednesday’s trading session was an announcement by President Trump in which he stepped back from a potential war with Iran. His language was toned down as he indicated there would be no further escalation in this latest conflict between the 2 regions. President Trump even offered a diplomatic olive branch to re-engage and strike a revised nuclear deal.

Following the announcement risk assets took flight. Stocks rose while the greenback showed signs of life. On the opposite side, oil slumped 5% while safe-haven currencies such as the Japanese yen and Swiss franc sold off. The move higher in risk assets was compounded by a very impressive private payrolls release from the US at lunchtime. The US labour market continues to go from strength to strength. 202,000 private jobs were added in December, well above 160K targets. At the same time, November’s number was revised significantly to 124K. This report could be very supportive of the US dollar as it lowers the desire for the Fed to decrease rates this year.

Today is light on tier 1 economic data although there will be releases from across the eurozone and US which may create some volatility. This comes as participants may become more inclined to focus back on data following yesterday’s positive development on the geopolitical front.

Written by Viv Savani. 8:34am, January 9th 2020

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:39am, August 7th 2020

BoE Hold Policy, US NFP Report In Focus

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9:26am, July 22nd 2020

US Dollar Takes A Hit

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9:41am, July 21st 2020

Markets Boosted By Stimulus & Vaccine News

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