ZFX: Bullish again? Dollar slips as optimism recovers
On Tuesday, stock markets in Asia Pacific Region were generally mixed while stock markets in Mainland China follow Monday’s momentum, continuing the gain and sparking the optimism among investors.
ZFX analyst Jacob Leung said that, it is still doubtful about the fundamentals. Monday’s rally was showing the bullish sentiment, but investors should always be cautious for the sudden reversal. We all know those risky elements, like tensions between China and the US, and the second wave of pandemic.
There are nearly 11.7 million confirmed cases of the new coronavirus worldwide, more than 530000 death.
ISM figures showed that the US service industry resumed to the pre-pandemic level in June, rising to 57.1, beating the expectations around 50.2. It boosted the market confidence in “quick” economic recovery from the pandemic, supporting the buying interest. The US stocks jumped, of which the Nasdaq hit the record high again.
ZFX analyst Jacob Leung said that, the markets may be just choppy, like the trend in June driven by swinging sentiment. From other views, the whole market may be just too pessimistic before, so that some adjustments have been triggered.
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