Market Opening Commentary for 14th April 2020

Key Points

OPEC+ agrees to a production cut, oil still finishes weaker
Markets largely subdued amid the Easter break
Chinese Trade Balance due today

Bias: Neutral

Commentary

U.S. stocks were tightly mixed overnight, with a late rally helping to pull equities off their lows for the day. High techs outperformed the broader market, with position adjustment being the dominant flow with many western countries out of play due to the Easter break.

The Dollar was broadly weaker overnight, with light volume position adjustment the dominant flow. USD/CAD was significantly lower after stops at 1.3920 were triggered, while the USD/JPY and EUR/USD were both largely unchanged. Commodity currencies shadowed gold slightly firmer.

Oil prices were initially firmer after OPEC+ agreed to an output cut but concerns about how much of an output cut would eventuate saw oil finish weaker on the day. Gold gained slightly on light volumes.

Bias

Expect a quiet start to trading today, with today’s Asian session being the first session with everyone at their desks since last Thursday amid the Easter break. Eyes will be on Chinese Trade Data due today.

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