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AUSSIE 3-YEAR TECHS

(U1) New Contract Low

US

NASDAQ Open Friday & Monday

FOREX
FOREX: The promise of stimulus measures in the U.S. inspired a partial unwinding
of y'day's sharp moves. U.S. Tsy Sec Mnuchin said he talks w/Fed Chair Powell
every day, adding that Pres Trump is ready to use "all economic tools." The
POTUS floated the idea of implementing payroll tax cuts & targeted support for
industries hit w/Covid-19 (details coming up later today). Participants dumped
safe haven FX, with USD/JPY staging an impressive rally onto the Y104.00 handle.
- Oil prices moved away from multi-year lows printed during y'day's oil mkt
crash. NOK & CAD were bid, becoming the only G10 currencies to outperform USD. A
solid showing from MXN & ZAR as well, as they corrected y'day's sell-offs.
- Antipodean FX traded mixed. NZD softened as FinMin Robertson said that the
RBNZ has room to move on rates & urged NZ banks to pass on any cuts, but found
some relief as RBNZ Gov Orr said that NZ doesn't need unconventional MonPol.
- KRW was the best currency in Asia as risk appetite reared its head, while
local off'ls talked up potential for stabilising measures. The yuan firmed up,
unfazed by Chinese in-line CPI & marginally below-forecast PPI.
- The focus turns to final EZ GDP, French & Italian IPs & Norwegian CPI.