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02.06.2020: Traders increasing short deals on USD (USDХ, DJIA, WTI, Brent, USD/CAD)

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Violent clashes in the US are not the reason for worries on Wall Street. Interestingly, some experts are speculating that the racial riots, which flared off in Minneapolis and spilled over to 140 American cities, could trigger even a civil war. Nevertheless, some events caused gyrations in the stock market. US President Donald Trump threatened to deploy the military to quell civil unrest. Besides, China’s state-owned agricultural companies have been ordered to halt purchases of US soybeans. Nevertheless, US stocks have been able to regain footing.
Remarkably, despite political turbulence investors are in the elevated mood. Market optimism rests on the hopes for the invention of the coronavirus vaccine and a V-shaped recovery in the global economy. More and more countries are lifting lockdown measures. It means that investors expect to see the green shoots of recovery in the short term.
The US manufacturing PMI from the Institute for Supply Management released yesterday confirmed the hopes for a revival. The index grew stronger than expected in May. Besides, employment in the US manufacturing sector also increased notably.
Futures on the Dow Jones rose 0.56% in the early New York trade to the level of 25,603. The S&P 500 grew 0.47% to trade at 3,087.88. The rapid rally on Wall Street is hindered by the risk of the full-blown conflict between the US and China.
The ongoing developments are taking shine off the US dollar. It is losing ground versus six rival currencies. The US dollar index is trading at near 97.6. Meanwhile, investors are buying up metals and energy commodities. The market is serious about the prospects of negative interest rates in the US despite the fact that Jerome Powell rejects such a scenario.
The Fed’s decision on negative rates is bearish for the US dollar. On the other hand, the US equity market will receive a boost.
The Canadian dollar asserted strength against the greenback yesterday. The loonie is benefiting from weakness of its American peer, growing oil prices and positive economic data from Canada. The loonie found support from the news that Canada’s manufacturing sector picked up steam in May. Today the Canadian dollar is extending strength. The USD/CAD pair is trading lower at near 1.3530. Traders await a policy meeting of the Bank of Canada and a report on Canada’s labor market.
Rising oil prices certainly support commodity currencies. Both benchmark grades were trading with minor gains ahead of a weekly update on US oil inventories from the American Petroleum Institute. WTI futures with the nearest expiration are trading at the level higher than 36 US dollars a barrel.
Now energy investors are focused on the forthcoming meeting of OPEC and its allies. The market reckons that the oil production pact will be extended beyond June. Such expectations could push oil prices to new highs.
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