US equities had a strong night with the S&P500 +2.0% and NASDAQ 2.7%.
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Early in the session the fire-sale of $20 billion of stocks held by Archegos Capital was all everyone was talking about.
Equities were rising again in the US overnight on the hopes that a stimulus deal would be struck between the GOP and Democrats, but as optimism turned to reality, prices fell, the US dollar regained some of its strength and bond yields weakened.
March data out of the US is bad and the share market has taken it badly.
Markets moved sharply during Jerome Powell’s press conference.
The USD Index is little changed, but yields are marginally lower after the Fed issued a post meeting Statement repeating it can be “patient” in beginning to normalise monetary policy.