21 May 2020 Overnight Market Wrap

21 May 2020 Overnight Market Wrap

Key Points

  • Trader hopes move to opening up U.S. Markets ahead of Memorial Day
  • Stronger than expected earnings results supports U.S. stocks
  • FOMC Minutes largely kybosh the idea of negative interest rates

Bias: Risk on

Commentary

A continued focus on the U.S. economy opening back up ahead of next Monday’s Memorial Day Holiday has seen U.S. stocks firm overnight, with better than expected earnings from Lowes and Target helping to support. The upside was trimmed late as a bill passed to de-list Chinese companies.

The Big Dollar was little changed to slightly weaker overnight, with the market continuing to hold its tight ranges. Currency players largely shrugged off FOMC minutes, which largely confirmed that the U.S. Fed would not move to negative interest rates.

Oil prices rose again, supported by news of a 5mln/bbl fall in U.S. Crude Oil supplies. Gold also rose slightly on the day.

Bias

Expect a quiet session in Asia today, with little major trading impetus seen as traders square up ahead of Monday’s U.S. holiday and with France and Germany out today. Data sees European PMI numbers and the U.S. Philly Fed Manufacturing Index and Initial Claims.

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