Bouncing Appetite after Gilead Flub
Risk risk appetite re-emerges on a combination of US Covid-19 infections hitting their slowest pace in three weeks, China reporting no deaths for the ninth day and the announcement from the US House of Representatives passing a $484 billion package to aid small businesses and hospitals. The news helped offset a selloff late Thursday following an FT report indicating that Gilead's Remdesivir drug hadn't been helpful in a Chinese study on the virus. Our Dow30 trade was stopped out, leaving 5 trades open.
Weak UK retail sales (-5%) and poor US durable goods figures (-14) earlier were shrugged by indices.
A series of soft Eurozone PMIs were capped by an indecisive European summit in a combination that weighed on the euro. The eurozone services PMI was just 11.7 compared to 22.8 expected and you would hope that would send a strong message to European leaders that more needs to be done. If ever there was time for fast action, it's now. The eurozone structure is so slow-moving that another summit ended with positive words and no action. There's talk it could take until 2021 until there's a broad eurozone relief package.
EURUSD remains somewhat buffered by broad US dollar weakness, attempting to hammer out a positive candle after 4 straight daily declines. Also not a potential double top on the daily USDX.
Yields Stabilize on more Inflation Signs
by Adam Button | Apr 16, 2021 16:45
Metals Spring to Life on Yields Breakdown
by Adam Button | Apr 15, 2021 16:30
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
by Ashraf Laidi | Apr 15, 2021 14:56
Onto Fed's Vaccination Guidance
by Adam Button | Apr 14, 2021 16:03
BoC Highlights Upside, UK Reopens
by Adam Button | Apr 12, 2021 23:20