Tentative steps

‘Leaders across Europe prepare to ease lockdown’ – In the coming days, French, Italian and Spanish minsters will outline in depth plans to ease lockdown conditions to curb the economic impact of the coronavirus. Leaders will look to strike a balance between reopening economies that face the sharpest downturn in decades and avoiding a devastating resurgence of the virus. Meanwhile, German began reopening shops last week and will move to make mask-wearing compulsory on public transport and in supermarkets. (Financial Times)
‘US states move to reopen as coronavirus job losses mount’ – Officials in the Trump administration are optimistic over an economic rebound this summer as state governors look to reopen their economies in the midst of mounting job losses. US Treasury secretary, Steven Mnuchin, said that “As we begin to reopen the economy in May and June, you’re going to see the economy really bounce back in July, August and September”. A successful rebound will likely hinge on continued bipartisan support for the next wave of stimulus packages. (Financial Times)

UK and European equity futures rallied as a slew of economies look to emerge from their respective lockdowns. The Aussie Dollar rallied over 1% on the US Dollar overnight, extending gains from early on Friday as two states eased lockdown conditions. Oil fell, along with the US Dollar and US Treasuries, whilst industrial metals surged.

Bank of Japan Policy Rate -0.10% unchanged from last meeting

GBPUSD: 1.2438

GBPEUR: 1.1471

EURUSD: 1.0842