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The markets before jobs report

Flash Commentary
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Heavy risk-off triggered by severe commodities sell off is abating as investors are awaiting April jobs report and an outcome of French presidential elections taking place on Sunday.

EURUSD is partially retracing yesterday’s bounce towards 1,10 which took place after the European Money Markets Institute scrapped Euribor reform and consequently supported European money markets. USDJPY stayed above 112,00 despite higher risk aversion overnight.

Among G10 currencies the NZD stands out as a top performer. The kiwi upsurge is spurred by recovery in commodities prices and the rise in inflation expectations easing the threat of a dovish stance by the RBNZ next week.

Emerging market currencies are mixed as investors are still reluctant to return to those risky markets. MXN is stable after losing 1,25 pct. against the dollar so far this week.

Among main European indices only FTSE100 is posting a small gain. IBEX is falling 0,2 pct after surging 1,3 pct yesterday. Top performing company is International Consolidated Airlines (+4,7 pct.), followed by ArcelorMittal and Mapfre. Mediaset is the worst performer as share prices are collapsing 4,4 pct.

WTI oil has already tumbled around 10 pct in May. Lows were posted today below 43,75 USD/b. In the last couple of hours prices are staging a comeback and reclaiming 45,50 USD.

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