Failure of Gilead's Remdesivir drug.....>

EURO-DOLLAR: Failure of Gilead's Remdesivir drug bruised risk as it placed

pressure on the S&P in late NY, with tone crossing into Asia. USD demand kept

pressure on EUR/USD through Asia, though held off Thursday's low of $1.0756, but

Europe has extended move to $1.0753($1.0752 base of 1.0% 10-dma envelope).

European Council endorsed the E540bln European Recovery Fund stimulus, though

with little new detail. Focus will turn toward the European Commission. Details

of how the longer term recovery plan will be funded will be discussed at another

videoconference on May6. Downside pressure remains with expectation that any pop

back above $1.0800 to meet headwinds, with a break of $1.0750 to expose the

$1.0636/32 area(Mar23 YTD low/1.618% swing projection of recent recovery

$1.0769-1.0991). Focus today on sovereign ratings reviews, S&P Italy and Greece,

Fitch Netherlands. EUR/CHF of interest, MNI Techs suggests a break of Chf1.0500

could be key. EUR/CHF has E1.03bln of EUR puts rolling off at 1400GMT today

between Chf1.0485-1.0500(USD/CHF has $500mln of Chf0.9400 USD puts rolling off

same time). 

- Germany Ifo at 0800GMT. US durable Goods 1230GMT, UofM (final) 1400GMT.