Asia Session Review - 11th May 20

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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