27th May 2020 Overnight Market Wrap

Key Points

Novavax begins human trial for its Corona Virus vaccine
U.S. equities soar as confidence begins to move back into the market
Canadian Dollar down about 200 pips on a soft earnings report from Scotiabank

Bias: Risk on

Commentary

U.S. equities did not start slowly after their long weekend, with stocks soaring on news that global economies are continuing to open up and on news that Novavax has started human trials for its Corona Virus vaccine. This brings a total of 10 drugs currently in clinical evaluation.

The Big Dollar was slightly weaker overnight, pressured by a move back into “risk on” currencies. The Canadian Dollar underperformed, falling as much as 200 pips after a soft earnings result from Scotiabank. Trade was largely scrappy and position adjustment led.

Oil prices rose slightly overnight amid news of continued production cuts, while gold eased amid the “risk on” bias.

Bias

Expect a quiet session in Asia today, with some profit taking expected after overnight moves and amid a lack of fresh data releases today. All that is on the slate of major note is U.S. Fed’s Beige Book.

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