Skip to content Skip to footer

Tradeview’s Daily Digest – 4th June

ECB Extends PEPP by a further year

The ECB kept interest rates unchanged on Thursday as many had expected. However in a move which stunned markets, it announced that it would keep the pandemic emergency purchasing programme running for a further year. 

The extension will now continue until June 2021, whilst also increasing the programme by €600 billion meaning the total stimulus now sits at €1.35 trillion.

EURUSD was one of the main movers from the news, climbing from 1.1196 – 1.1363.

U.S. Initial Jobless claims above estimates, but drop again

Initial jobless claims of 1.88 million for the week ending May 30th, were above median estimates of 1.83 million, but below 2 million for the first time since mid-March.  In recent weeks claims have slowly declined since hitting what now looks to be the peak of 7 million in late March.

This decline along with the ADP private sector employment change yesterday, a decrease of 2.76 million jobs, far better than the 8.75 million loss expected, has boosted hopes of a rapid return to work in the U.S. post lockdowns.

Markets now look towards tomorrow’s NFP report, for further confirmation of this.

EBay shares hit record high

On Thursday, EBay raised its revenue and profit forecasts. This came after COVID-19 lockdowns have boosted the online retailer’s sales. Shares of the online retailer rose as much as 11.6% to create a new all-time high of $51.88.

NASDAQ is back

The NASDAQ-100 has now erased all of its Covid-19 related losses and the broader NASDAQ Composite Index is also closing in on its former high, trading up to 9,716 in the morning before pulling back to 9,650 later in the day.

“In investing, what is comfortable is rarely profitable.”

Robert Arnott

Biggest Bull

EURUSD: EURUSD broke the 1.124 resistance on Thursday after the ECb announced an extension to its PEPP programme. The rate now stands at its highest since March 13th. 

Biggest Bear

USDZAR: The selloff in USDZAR continued on Thursday, with the 10 day and 25 day moving averages continuing to decline. The pairing now sits at 16.84 which looks to be a support level.

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.

Tradeview Asia 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 Global

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.