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


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.


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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