- U.S. stocks edge higher to hit a 5-week high
- USD weaker across the board as traders see value in risk
- Eyes on tonight’s US Retail Sales numbers
Bias: Risk on short-term
U.S. stocks firmed overnight, with expectations that the worst of COVID-19 are behind us, combining with talk that the economy might be opening back up soon acting as support. Reports were that ten U.S. states are beginning to work on plans to reopen their economy and get people back to work. Better than expected Q1 earnings from Johnson & Johnson also helped.
With a slight increase in risk appetite, the forex market generally sold dollars and moved their risk out a little. Benefiting from this was the AUD and Sterling. USD/JPY was dominated by technical trading, while the Euro firmed amid a slowing of European Corona Virus cases overnight.
A higher than expected rise in Crude Oil Inventories saw oil prices weaker on the day, while gold continued to edge higher in light volume trade.
Today should see continued drifting within overnight biases, with little in the way of fresh incentives expected in the Asian session. Tonight sees U.S. Retail Sales and the Empire State Manufacturing Index numbers