Crude oil cautious ahead of Inventory data

Exclusive Capital Research Team

Exclusive Capital Research Team

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Market Brief, Wednesday, 2nd of September, 2020

The major US indices extended their gains with big-tech companies trading higher spurring a flurry of buying. In the overnight session however, demand waned with the Nasdaq retreating from it’s record high.  

Asian equity markets were mixed following the fresh record highs in the US with the ASX up 1.8% led by materials, the Nikkei up 0.3% while in China the Hang Seng and Shanghai composite were down by 0.6% and 0.4% respectively. 

In the FX space, the dollar index saw a slight rebound from yesterdays 2-year lows following strong ISM data and is currently trading around 92.37. The EURUSD pair briefly traded above 1.20 before retreating to 1.19 and GBPUSD trading as high as 1.3483 before subsequently retreating to 1.3382. 

The energy space both WTI and Brent traded sideways with WTI currently trading around 43.10 and Brent trading around 45.95 ahead of the weekly inventory report later today. 

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