GLOBAL & REGIONAL DAILY (Monday 6, April 2020)
April 6, 2020
Oil prices fell early on Monday with Brent crude standing 1.2% lower on the day at $33.55/bbl on oversupply jitters after Saudi Arabia and Russia postponed the OPEC+ teleconference to 9 April, initially scheduled for today. In FX markets, the USD retained a firm tone, shrugging off Friday’s disappointing US non-farm payrolls, as it remains the preferred safe-haven currency.
Focus turns on tomorrow’s video conference of the Eurogroup, which will work further on the coordinated response to the economic fallout of the COVID-19 pandemic, and the subsequent EU Summit two days later. According to press, among the three prevalent tools is a credit line with ‘light’ conditionality by the ESM.
Cyprus: On Friday afternoon, FITCH affirmed the long-term sovereign rating of Cyprus at BBB- but revised the outlook from positive to stable.
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