It is still early in the day
The aussie and kiwi are keeping modest gains to start the session while the dollar is a little more mixed after weakening earlier. Meanwhile, risk is holding up slightly better but nothing overly optimistic as we see the cash market open in Europe.
The market is still trying to find a major theme to latch on to, but in the course of today there will be many factors that could sway the mood and keep investors watching.
Euro area PMI data
This will be the first key risk event as we will gather information on how badly hit the Eurozone economy is from the virus outbreak and the related lockdown measures.
US weekly jobless claims
It is going to be a blowout number once again - estimated 4.5 million - so let's see how the market will take in the release later on in the day.
European leaders to discuss recovery fund
The discussion is set to take place at 1300 GMT, but I would not expect headlines to come so soon as it could go on for hours. The key talking point right now is the coronavirus recovery fund, with proposals of around €1.5 trillion to €2.0 trillion being touted.
Regardless, don't expect any consensus to be reached in the meeting today as this will merely be the inception of the idea with many more weeks of discussion still to follow.
But as always, one should be mindful in case we hear of any standout remarks/comments.
US House vote on relief bill
The House is expected to pass the near $500 billion bill to provide funds to small businesses and hospitals. But still, it is one spot to watch in case the market decides to keep the focus on it later today or in case of any hiccups.
Oil market jitters (?)
Oil prices are keeping up their recovery for now but the market is still in a mess with fundamentals still shaky as ever. This will also be a spot to watch in case the market goes south once again and reverberates across to other risk assets and gold.
