(10 JULY 2020)DAILY MARKET BRIEF 2:Risk-off: Oil

<p>Gold retreated to $1795 per oz as investors liquidated their long gold holdings at the same time then they exited their risk positions. The simultaneous equity, gold sell-off in risk environment has become a usual behaviour and doesn’t dent the gold’s safe haven value in medium term. Hence, the overall outlook in gold remains bullish despite an undesired positive intraday correlation with equities. The EURUSD rebounded lower after hitting 1.1370 on Thursday. Irish finance minister Paschal Donohoe has been assigned the role of the new president of the Eurogroup, as countries will continue negotiations on the 750-billion-euro fiscal package to tackle the worst economic recession that the union faces since the WW2. The delay in the European recovery fund approval would dent the euro advance, bringing forward the risk of a negative surprise which would dampen the Eurozone growth prospects and send the euro tumbling against its major counterparts. For now, the 1.12 should provide an interme</p>