Let's get back to business

Today’s news headlines:

  • ‘Oil prices buoyed by storage hopes as Asia stocks rebound’ – The price of both West Texas Intermediate and Brent Crude were higher yesterday as worries over global storage capacity abated. The Global Head of Market Strategy at Westpac, Robert Rennie, said that US oil prices were getting a boost on reports that reserves at the key storage facility in Cushing, OK had risen only 1.8m barrels last week. (Financial Times)

  • ‘Europe takes first baby steps toward a post-lockdown normal’ – Businesses across Europe are trying to get back to business following the loosening of lockdown conditions. Italy, Spain, Greece, Portugal and Germany all relaxed some restrictions on Monday, beginning their ‘new normal’ return to public life. Activity will be slower than before, and the widespread use of facemasks serves as a constant reminder of the changes caused by the pandemic. (Bloomberg)

Today's events, rates, and data 

  • Risk sentiment improved modestly during yesterday’s session led by the rise in oil prices. Shares in Australia nudged higher along with a rise in Hong Kong stocks, whilst US and European equity futures all point towards extended gains into today’s session. Sterling drifted higher against the Dollar but has failed to make a push back towards 1.25.

Today's events

Reserve Bank of Australia Interest Rate Decision               0.25% vs 0.25% last month
UK Final Services PMI                                                         9.30am
US ISM Non-Manufacturing PMI                                          3.00pm

Interbank rates:

GBPUSD: 1.2458

GBPEUR: 1.1439

EURUSD: 1.0892