What's the plan?
Today’s news headlines:
‘Boris Johnson draws criticism over return to work guidance’ Disorganised and contradictory government guidance on a return to work has draw a rush of criticism from worker unions and employers. The presence of make-shift advice, like home-made masks, begins to suggest the government lacks a fundamental strategy for dealing with the next stage of this crisis. (Financial Times)
‘German employers slash jobs as coronavirus lay-offs mount’ Almost one in five German businesses have laid off workers in April and more than 10m workers in have applied for a government scheme in which they receive two thirds of their salary from the state. (Financial Times)
Today's events, rates, and data
Overnight there was little movement on the FX front; markets are continuing last week’s slow roll towards higher equity valuations. Very little data until tomorrow so the expectation is for a muted sessions, however, a few late day Fed member speeches have the potential for movement, if they chose to expand upon the chairman’s recent pronouncement of support.
US CPI 1:30PM
Fed Member Harker 3:00PM
Fed Member Quarles 3:00PM
Fed Member Mester 10:00PM