Asia Session Review - 11th May 20

5/11/2020 09:37:00 AM
  • Asia equity markets begun the week on the front foot after last Friday’s gains on Wall St where stocks were underpinned by the easing of US-China trade tensions to help the major indices disregard the abysmal US jobs data which was not as bad as expected but still showed a drop of over 20mln jobs.
  • In addition, efforts to ease coronavirus restrictions and the slow pace of death from the epidemic have added optimism.
  • In the FX market, DXY is largely unpredictable with the price action rangebound after ignoring the recent shocking NFP work data, while the Eurogroup reached a light profit of 1.0850 with the Euro / USD after reaching a 240billion deal on the credit line last weekend.
  • GBP/USD is also marginally higher after rebounding from support at 1.2400 and following PM Johnson’s announcement of a conditional 3-step plan on easing the lockdown.
  • However, UK PM Johnson’s shift in slogan from ‘stay at home’ to ‘stay alert’ left some confusion.
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