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Bearish Cycle Still In Play

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Death Cross Adding Pressure

FOREX

Risk Off Prompts Safe Haven Demand

FOREX
FOREX: Touted progress in works on Covid-19 treatment dominated the Asia-Pac
session, inspiring a clear risk rally. STAT cited early anecdotal data pointing
to a positive reception of an experimental drug among a group of patients in
Chicago. Meanwhile, U.S. Pres Trump revealed his plan for re-opening the
economy, but worth noting the bulk of it was leaked yesterday. Commodity-tied FX
were bid, led higher by NOK, while USD, JPY & CHF raced to the bottom of the G10
pile. AUD/USD rallied back above its 50-DMA, breached earlier this week.
- Mixed economic data out of China, which included the first negative GDP
reading on record, didn't cause any immediate perturbations. USD/CNH gradually
pared losses but broader greenback weakness limited the topside.
- USD/Asia generally traded on a softer note, with IDR and KRW leading gains in
the region. South Korean unemployment rose to 3.8% from 3.3% and the gov't said
it will unveil an employment package next week. PHP underperformed in the wake
of yesterday's rate cut & dovish rhetoric from BSP.
- The likes of MXN & ZAR remained buoyant owing to firmer risk appetite.
- Focus turns to final EZ CPI and comments from Fed's Bullard & ECB's Rehn.