11th May 2020 Overnight Market Wrap

11th May 2020 Overnight Market Wrap

 Key Points

  • S. posts worst employment report in recorded history
  • Bullish report helps to support oil prices
  • Equities firmer as stock players eye economy’s reopening

Bias: Risk neutral

Commentary

U.S. stocks rose on Friday, despite the U.S. posting its worst unemployment report since the Great Depression. The American Unemployment rate rose to 14.7% with more than 20.5mln jobs lost in April. The report was better than some had expected, seeing the market largely shrug it off. Instead the market focused on reports of a phone call between American and China on a potential trade deal.

Currencies maintained their ranging posture on Friday, although the Big Dollar did find a bid after the Non-Farm Payrolls report. Cable rose on a broad suite of UK data that was better than expected. The JPY and CHF were both weaker as flows moved back into the Dollar.

Oil prices rose on Friday after a bullish report from a U.S. investment band saw sellers remove themselves from the market.

Bias

Expect a quiet trading session today, with a lack of strong cues from Friday combining with a lack of data slated for release to merge with the usual Monday session.

Trade the global markets with a broker that has integrity, honesty and transparency at its core

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved