Key Points

Bias: Risk neutral

Commentary

U.S. stocks finished firmer, but off session highs overnight, supported by comments from Fed Chairman Clarida that a “V” recovery was around the corner. After hours trade saw a significantly worse than expected earnings result from Disney

Currencies saw the Big Dollar shadow moves in 10-year notes, with yields sliding on the day. Markets were again quiet over the global session, with volatility not returning amid recent public holidays.

Oil prices posted another bounce overnight, supported by expectations that production cuts and a recovery in demand will support prices.

Bias

Expect another quiet day in Asia today, with Japan again out on holidays. Data today sees Australian Retail Sales and a slew of European PMI numbers. Tonight sees U.S. ADP Non-Farm Payrolls

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