Global equity markets futures are higher this morning after the deep rout last week, that’s on expectations of Central Banks stepping in to support the markets. This morning the Bank of Japan said it will take the appropriate measures, in Australia a rate cut is on the table for the next Central Bank meeting tomorrow and in the US the FED reassured his support to the markets Friday. Overnight the Chinese Caixin manufacturing index came in weaker than expected however the markets in China ignored the weak reading and Mainland China index climbed 3% overnight. FX markets reacted overnight with a step back in “safe heavens”, the JPY lost more than 1.5% versus the AUD and USD as investors took profits off the table in the JPY expecting a near term reversal in global equities and growth currencies. The dollar index extended its loses following the FED announcement, down this morning to a 97.9 reading, lower by 2% from 2020 highs, and the unclear path of the corona virus in the US and how big if any the impact will be on US businesses. Metals are also higher this morning reversing the 6.4% rout in Gold prices on Friday, the biggest one day drop ever. Oil prices finally got an uptick this morning from 2020 lows, trading at $46.55 this morning after closing at 45.27 per barrel Friday. OPEC+, its meeting is set to start this coming Thursday in Vienna.
UK GBP Manufacturing PMI at 9:30 am and US ISM Manufacturing PMI at 1:30 pm are the important news on the agenda Monday, (all times GMT).
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Nasdaq futures are pointing to a positive open this morning following the reversal “hammer strong close” Friday and Central Banks support in the US, Australia, China and Japan.
The AUD is trading sharply higher this morning as FX markets investors look at growth currencies near term and turn away from the JPY.
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