Market Drivers May 6, 2020
- PMIs show lack of activity
- Euro hits 2-week lows
- closed% -0.15%
- UST 10Y 0.67%
- Oil $27/bbl
- Gold $1701/oz
- $9039
Asia and the EU
- EUR Composite PMI 11.1
- EUR Retail Sales -11.2%
North America Open
It’s been a quiet night of trade in currencies and equities tonight with some of the major bourses in Asia still on holiday, but the downward pressure on continued as the pair hit two-week lows dipping under the 1.0800 big figure before rebounding slightly.
Equities in the meantime continued their merry march upward, rising about 60 basis points in overnight trade as stocks look past the woeful economic data towards a resumption of activity in G-11.
The data was truly, historically horrid with barely able to hold double digits as it printed at 13.6 which was actually just a tad better than 13.5 eyed. But investors are ignoring the lockdown results and are fully pricing in the prospect of re-opening as most of the major…
