(19 JUNE 2020)DAILY MARKET BRIEF 2:Trump points at ‘complete decoupling’ with China

<p>The strong US dollar gains strength against most currencies, except the yen and the Swiss franc as de-risking continues.</p>
<p>Gold remains stoic faced with the lack of clarity in market direction. The black gold, however, gains traction on prospects of improved demand/supply dynamics despite the rising second wave worries and higher US inventories. A successful attempt on $40-offers should pave the way toward the next bullish target, $45.50, the 200-day moving average. The Swiss National Bank (SNB) maintained status quo at yesterday’s monetary policy meeting. The Bank of England (BoE) kept the interest rates unchanged and expanded the asset purchases program by 100 billion pound as expected. What was less expected is the BoE’s hint to unwind its QE program at a significant pace over time. The latter certainly wiped out the expectation of further expansion in BoE purchases and tempered the BoE doves in the wake of the announcement. The GBPUSD shortly retreated below the 1.24 mark. Firmer US</p>