PMIs detail unprecedented collapse in.........>

FOREX: PMIs detail unprecedented collapse in global economic activity

- Global prelim PMI data for April paints a consistent picture of widespread,

sharp and unprecedented declines in global economic activity, with services

sector metrics shrinking at the fastest pace on records going back for decades.

While the slowdown is no surprise, the pace at which output is shrinking helped

support the JPY somewhat over the past few hours, but equities are far more

stable.

- Following the late move yesterday from the ECB to broaden and relax collateral

requirements at funding operations, the EUR has eased further, making the single

currency the worst performer so far in early European hours. EUR/USD touched the

lowest levels since early April in response, with $1.0769 providing initial

support. Better oil prices have helped firm the beleaguered oil-tied FX. Jun'20

WTI sits higher by 10%, boosting the likes of CAD and NOK at the NY crossover.

- Weekly US jobless claims data takes focus from here, with another 4.5mln

signees expected to show in initial jobless claims. Again, the estimates are

wide-ranging, with a low of 3mln and a high of 5.8mln.