- U.S. stocks turned down to finish weaker on the day
- USD outperforms on safe haven buying; traders remain jittery
- Oil and Gold prices drifted firmer over the Friday session
Bias: Risk off
Traders took Friday as a cue to book profits on recent equity market gains, seeing stocks end weaker on the day, but firmer on the week. Trade was choppy over the course of the day with quadruple witching dominating professional trade, while retail investors were spooked by news that rising Corona Virus cases will see Apple re-close nearly a dozen stores.
The USD saw a decent bid on Friday supported by safe haven buying amid fears of a second Corona Virus wave. This saw a removal of “risk on” trades as the USD outperformed all the majors. Canadian Retail Sales were much worse than expected, which also weighed on the CAD.
Oil and gold prices were both higher on the day.
Well, expect a quiet start to the week in Asia, with the market effectively ruling a line under last week and awaiting fresh trading incentives. Data today is light, with little more than the German Buba Monthly Report slated.