Skip to content Skip to footer

Tradeview’s Daily Digest – 1st June

WTI climbs as OPEC+ set to meet

On Monday it was reported that OPEC and its allies, which includes Russia, are considering meeting (this week) to discuss extending production cuts, as only 30 days remain on its recent historical agreement. The report sent WTI crude to its highest level since early March, quoting a price of $35 per barrel. 

In April, OPEC+ initially agreed to reduce production by an unprecedented 9.7 million barrels per day in response to the demand destruction caused by the coronavirus pandemic.  The original agreement is set to conclude at the end of June, continuation will depend on Russia and Saudi Arabia being able to reach a new deal before the end of the month.

Crude now trades a few cents away from earlier highs of the day.

Stocks shake off U.S. tensions to rally on Monday

After a relatively weak end to last week’s trading, many would have believed that stocks would continue to fall this week due to protests in the U.S. over the weekend. However, the civil unrest, which saw protestors go as far as the gates of the White House, created more volatility in currency markets rather than stocks. 

This along with the growing tensions with China saw the Dollar weaken, quoting near a 4-week low with cable (GBPUSD) being quoted at 1.24885. The weaker USD, encouraged investors to look at equities, leading to the S&P 500 climbing as much as 0.5%

Trump and Putin Talk G7 and more

 It was reported that President Trump and Vladimir Putin spoke today on several key issues, including the possibility of holding an expanded G-7 summit in September with an invitation for Russia.  An expanded group of nations could potentially also see India, South Korea and Australia invited.

The two leaders are also rumoured to have discussed the earlier mentioned OPEC+ meeting in a bid to continue boost demand for oil.  

Biggest Bull

GBPUSD: Cable hit and broke its long term resistance of 1.24653 on Monday as markets reacted to the easing of the lockdown in the UK, and the civil unrest in the U.S. GBPUSD now trades at a 4-week high, with moving averages showing potential for further rallies. Could this continue, or are we looking at a false break out?

Biggest Bear

EURGBP: The gains of Sterling also stretched to its pairing with the Euro, with EURGBP selling off extensively on Pound strength. The selloff appears to have reached a floor of 0.89156.

Quote of the day:

“You have power over how you’ll respond to uncertainty.”

Yvan Byeajee

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

TVM Global Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C.

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.