EUR still subdued as EU Council conclusion....>

FOREX: EUR still subdued as EU Council conclusion disappoints

- The single currency remains under pressure early Friday, extending weakness

against the USD and JPY following the conclusion of yesterday's EU Council

meeting. While hopes were running high of a 'huge' economic response, leaders

failed to agree over whether the package would involve grants or loans. In

response, EUR/JPY touched 115.55 in Asia-Pac trade, the lowest level since H1

2017, with 114.85 now acting as the initial downside target.

- European equities opened lower this morning, keeping a mild bidtone in the

greenback and JPY, but some of these losses are being trimmed at the NY

crossover. US futures have crept back into positive territory in recent trade.

- Newsflow and datapoints this morning have been few and far between, keeping

focus on the myriad options for country's exit strategies from lockdown as well

as the continued volatility in energy prices.

- Data focus switches to March prelim durable goods orders and the final April

print for Uni. of Michigan consumer sentiment. The Russian central bank decision

is also due, with the bank seen trimming rates by 50bps to 5.5%.