22nd April 2020 Overnight Market Wrap

22nd April 2020 Overnight Market Wrap

 Key Points

  • U.S. stocks weaker overnight pressured by high techs
  • Currency markets largely held recent ranges
  • Oil prices remain heavy coming into early Asia.

Bias: Risk off

Commentary

U.S. stocks were again on the offer overnight, pressured by position squaring in tech stocks and on the historic slump in oil prices. Key stock analysts cut their price targets for several bell weather tech stocks, while news from CNN that congress has agreed to a $450bln stimulus package to small business was largely shrugged off.

Currency players were largely sidelined overnight, with most instead transfixed on oil prices and watching the carnage. The EUR finished little changed after the German Zew Index was mixed, while USD/MXN rallied over the day, before pulling back after Mexico cut rates 50bps.

Oil prices again remained heavy, with sellers emerging on pretty much any bounce, while gold prices also eased slightly on the day.

Bias

It will be an interested, but albeit quiet day in Asia today, with several liquidity providers either increasing margins on oil CFDs or else closing their oil feeds after the recent moves. Australian Retail Sales is due and should be weak, while tonight sees U.K. CPI and PPI

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