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.

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