25th May 2020 Overnight Market Wrap

Key Points

Markets little changed ahead of the U.S. Memorial Day holiday
USD firmer, oil weaker, gold firmer on the day
U.S. initiates travel bans between Brazil on Corona Virus surge

Bias: Risk on / off

Commentary

It was a quiet session on U.S. equities Friday, with many desks short-staffed ahead of today’s Memorial Day holiday. In news, the Chinese/U.S. tensions continue to escalate, while the Trump Administration is discussing conducting the U.S.’s first nuclear test since 1992.

The Big Dollar was slightly firmer against most of the majors, although reports were that this was little more than position adjustment into the long weekend.

Position adjustment saw oil prices fall on Friday, while Gold was slightly firmer.

Bias

Expect a very quiet session today (and tomorrow) in Asia, with the U.S. closed for Memorial Day holiday and with the U.K. closed for a bank holiday. Expect little more than position adjustment amid very light volumes.

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