18th May 2020 Overnight Market Wrap

Key Points

U.S. Fed’s Powell: Fed has not changed its posture on negative rates
U.S. President Trump calls for negative U.S. interest rates
U.S. stocks firmer, oil and gold also supported Friday

Bias: Risk on

Commentary

U.S. stocks firmed on Friday going into the end of the week with a bid, despite ending the week slightly softer. Supporting early was a better than expected Michigan Sentiment Index, while comments from U.S. President Trump calling for negative rates also helped.

The Big Dollar was supported by comments from Fed President Powell that the Fed has not changed its posture on negative rates. U.S. President Trump also once again called for a stronger Dollar.

Oil prices rose on Friday, with a sharp drop in the Baker Hughes rig count and continued supply cuts supporting WTI back near $30/bbl. Gold prices were also firmer on Friday.

Bias

Expect a slow but steady grind higher on equities and the Dollar today, with the bounce from Friday expected to carry on in Asia. Data today sees Japanese GDP, while Canada is closed for a bank holiday.

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