WILL THE VACCINE WORK?
Today's Monrning Prep:
Equities advanced almost 2% across the region, with Tokyo, Sydney and Hong Kong outperforming, though the magnitude was less than in the U.S. Contracts on the S&P 500 fluctuated after a report that Nasdaq would tighten IPO rules, affecting some Chinese companies. European contracts gained. Monday, the U.S. benchmark jumped the most in almost six weeks after Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body.
FX Overnight News:
- Dollar holds soft tone as vaccine hopes boost riskier assets
- Yuan eases off 1-1/2-month low, seen stable as parliament looms
- Australian Dollar buoyed by reopening hopes, but resistance looms
- Euro jumps on Franco-German proposal for EU fund, joint debt.
- Sterling edges off 8.week lows despite talk of negative rates, Brexit gloom
- EM Asia FX - most Asian currencies rise as vaccine hopes renew risk appetite.
- Emerging Markets - Latam assets surge as commodity prices rally
- South Africa's Rand firmer as Covid-19 vaccine hopes boost risk demand
- Gold rises slightly on U.S.-China tensions
FX Daily Volatility:
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May 19, 2020