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  • S&P 500 Futures step back from the all-time high of 3,541.62.
  • “Serious differences over the US stimulus, dovish comments from RBNZ, BOJ join Aussie Q2 GDP to challenge optimists.
  • US ADP data, updates over the virus, American aid package will be key ahead of Friday’s NFP.

S&P 500 Futures recede from record peak to 3,535, up 0.24% on a day, during the early Wednesday. The risk barometer recently weakened after downbeat comments from global policymakers joined speculations over further delay in the US coronavirus (COVID-19) aid package. Also paring the early-Asian gains were the readings of Australia’s second quarter (Q2) GDP.

US House Speaker Nancy Pelosi recently crossed wires while conveying “serious difference” among the policymakers over the much-awaited aid package. The talks have been stuck for over a fortnight as the Democrats and the Republican jostle to finalize the package amount that has over one trillion of difference marked during the latest updates.

Elsewhere, RBNZ Governor and BOJ’s Deputy Governor both showed readiness to use the unconventional monetary policy tools if needed. Furthermore, Australia’s Q2 GDP slumped below -6.0% forecast to -7.0% while marking the record contraction in the national activities.

Additionally, comments from US Secretary of State Mike Pompeo suggests the “cold war” conditions between Washington and Beijing. The Trump administration member cited announcements to roll out in days or weeks.

On the positive side, AstraZeneca’s leap towards final trials of the COVID-19 vaccine joins the upbeat performance of the US 10-year Treasury yields and stocks in Asia-Pacific to portray optimism.

Looking forward, the economic calendar turns silent ahead of the US session’s ADP Employment Change, expected 950K versus 167K prior. As a result, traders will have to keep eyes on the risk catalysts for fresh impetus. In doing so, the US dollar’s sustained recovery from a 28-month low can also play its role.

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