- Oil prices fall below $0/bbl. Yes, oil prices are negative
- Currency markets were largely quiet as players watched oil prices collapse
- Focus on the RBA Meeting Minutes
Bias: Risk neutral
U.S. stocks were hit overnight, pressured by oil futures trading and closing at negative levels. This has never happened before. There were some positive developments, including increasing talk of opening U.S. and global markets back up, but the fall in oil prices was the main focus of trade. IBM had a good session after beating earnings expectations.
EUR/USD was weaker overnight, USD/JPY was firmer, while Aussie traders are awaiting the RBA Monetary policy Meeting Minutes.
Oil prices were significantly weaker overnight, largely on technical issues due to the contract roll. the front month traded at and closed negative, while the next month is holding recent levels. Gold prices put in a bounce overnight.
It’s a tough one to call today. Expect markets to remain quiet ahead of fresh cues from U.S. trade tonight. Focus will be on the RBA Meeting Minutes, while the German Zew Index is also slated tonight.