Gold retraced to $1700 per oz.
WTI crude traded a touch below the $20 a barrel, while Brent consolidated near $28.
Talks of potential wind down of the current economic lockdown in some places including US and European nations are somewhat supportive of the sentiment, but the volatility is high, and the predictability limited. With no major corporate earnings on the calendar today, the positive mood should accompany investors to the weekly closing bell.
Activity in FTSE (+2.80%) and Eurostoxx (+3.16%) futures hint at a solid positive start on Friday.
In the currencies, the EURUSD rebounded from 1.0816 on Thursday and could extend gains past the 1.09 mark later in the session. Due today, the Eurozone final CPI should confirm a decline to 0.7% in March, but investors stand ready to see a softer figure due to the historic fall in oil prices.
The USDJPY settles a touch below the 108 mark, as improved appetite and soft Japanese data weigh on the yen this morning.
Speaking of lockdown, the UK is not part of nations preparing to cough to life. British businesses will remain closed for another three-week period and the British energy stocks will likely remain under the shadow of depressed oil.
Cable trades a touch below the 1.25 mark on the back of a harder Brexit stance after British officials said that there will be no extension in the Brexit deadline nor the UK will accept a EU proposal to postpone negotiations, to avoid a prolonged period of uncertainty for businesses. The risk is that British businesses will then need to face back-to-back economic shocks. They may not have enough time to lick the coronavirus wounds that they will need to combat a major Brexit-led shake to the economy. Hence, the outlook for the pound remains negative. Advances to and above the 1.2720 mark (the 200-dma) could be interesting top selling opportunities for a medium-term bearish view.
WTI crude traded a touch below the $20 a barrel, while Brent consolidated near $28.
Talks of potential wind down of the current economic lockdown in some places including US and European nations are somewhat supportive of the sentiment, but the volatility is high, and the predictability limited. With no major corporate earnings on the calendar today, the positive mood should accompany investors to the weekly closing bell.
Activity in FTSE (+2.80%) and Eurostoxx (+3.16%) futures hint at a solid positive start on Friday.
In the currencies, the EURUSD rebounded from 1.0816 on Thursday and could extend gains past the 1.09 mark later in the session. Due today, the Eurozone final CPI should confirm a decline to 0.7% in March, but investors stand ready to see a softer figure due to the historic fall in oil prices.
The USDJPY settles a touch below the 108 mark, as improved appetite and soft Japanese data weigh on the yen this morning.
Speaking of lockdown, the UK is not part of nations preparing to cough to life. British businesses will remain closed for another three-week period and the British energy stocks will likely remain under the shadow of depressed oil.
Cable trades a touch below the 1.25 mark on the back of a harder Brexit stance after British officials said that there will be no extension in the Brexit deadline nor the UK will accept a EU proposal to postpone negotiations, to avoid a prolonged period of uncertainty for businesses. The risk is that British businesses will then need to face back-to-back economic shocks. They may not have enough time to lick the coronavirus wounds that they will need to combat a major Brexit-led shake to the economy. Hence, the outlook for the pound remains negative. Advances to and above the 1.2720 mark (the 200-dma) could be interesting top selling opportunities for a medium-term bearish view.
By Ipek Ozkardeskaya
