URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 12/04/20

Hungary and Poland have been blocking the EU's seven-year budget and its post-crisis recovery for weeks, stopping nearly €2T from reaching member states, but the bloc may soon be moving on without them.At issue: Payouts from the budget would be suspended to a country if a weighted majo...

Australia's service and composite PMIs were revised higher from the flash readings that already had shown improvement over October. The eurozone's service and composite PMIs were revised a little higher but do nothing to assuage fears that it is contracting here in Q4. In the U.S....

The selling pressure that drove the dollar lower yesterday has abated, and the greenback is paring yesterday's loss, though the dollar-bloc currencies are showing some resilience. EC negotiator Michel Barnier briefed ministers that the same three issues that have bedeviled the trade t...

The euro has experienced a significant rally in the past 8 months in this weak USD environment, rising from a low of 1.0640 in mid-March to 1.20 this week. Central banks will certainly not let their exchange rate appreciate indefinitely, as a strong currency tends to weigh on inflatio...

Stocks bounced back, and the US dollar is heavy, with few exceptions. The euro remains within striking distance of the $1.20-level and sterling flirted with $1.34. Emerging market currencies broadly are recovering, and the South African rand and Hungarian forint are leading today'...

China's November PMI was stronger than expected. The manufacturing component rose to 52.1 from 51.4. OPEC+ meets today and tomorrow. The issue is whether it will postpone the increase in quotas that had previously been agreed upon for January. Tomorrow the euro area will report th...

The dollar's losses were extended last week, but among the majors, only the New Zealand dollar and the Swedish krona made new highs for the year. While the US preliminary PMI accelerated, the eurozone and Japan showed a contraction in business activity. Neither the rally in equity...

Equities are finishing the week on a firm tone, while the US dollar remains heavy. So far this month, both the S&P 500 and Nasdaq are up about 11%, while the Russell 2000 is up nearly 20%. Gold is bouncing along its trough, holding above $1800 but unable to move above $1820. ...

China has achieved a certain level of technical competence, but the lack of transparency limits its international recognition. India has banned another 43 Chinese apps, including Alibaba's shopping service app and an assortment of dating and gaming apps. Mexico reports September r...

The contrast between the eurozone and US preliminary PMI readings caught the short-term market leaning the wrong way, and the dollar snapped back after extending its recent losses. Emerging market currencies are also mostly stronger, and the JP Morgan Emerging Market Currency Index is...