After some mis-communication in March, ECB President Mario Draghi chose his words especially carefully and stuck to his script at his post ECB press conference overnight.

It has been a relative quiet session in markets with US politics dominating the headlines.

Markets have rallied hard on the back of the French Presidential elections on Sunday.

The final results of the first round of voting in the French presidential election aren’t yet confirmed.

A fair bit of news to digest overnight, and some market price action across currencies, bonds and equities to accompany it.

US equities have come under pressure in the past few hours weighted down by a sharp fall in oil prices following reports of an increase in gasoline inventories.

The Pound soared 2.2% overnight following the UK PM’s call for early elections.

Plenty of news, both economic and geopolitical, since we broke for Easter, the net market impact of which has frankly been quite modest.

Geopolitics took a backseat today with Trump’s Wall Street Journal interview dominating market moves.

The global macro picture has been muddied by a rise in geopolitical tensions, economic data releases overnight have been largely ignored and safe haven assets have outperformed.

The oil price was the standout performer with WTI oil up 1.6% to $53.10 a barrel while Brent reached $55.99 after having risen for six-consecutive days.

The APRA Chairman and RBA Governor both make clear that the recent moves reflect a desire to further tighten lending standards in what is considered to be an environment of heightened risks.

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