Key Points

Bias: Risk neutral


It was a strange session on U.S. equities overnight, with the market reacting with an ebb and flow, determined by short-term news and price action. Reports that Initial Claims have topped 30mln since the beginning of the Corona Virus weighed on prices, as did a Washington Post article reporting that U.S. President Trump is considering retaliatory actions (tariffs) against China.

It was a largely uneventful session for currencies overnight, with the Dollar initially firmer on an unchanged posture from the ECB, and broadly weak Euro-zone data, with month-end flows dominating individual moves across the board.

Oil rose slightly on the session, while gold prices were again weaker.


Expect another quiet session in Asia, with a lack of clean overseas price action overnight, combining with a start of a new month to hit volatility. Data today sees Japanese CPI, British PMI and U.S. PMI, while China is out for a bank holiday.

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