- 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.