(29 April 2020)DAILY MARKET BRIEF 2:Top sellers lying in ambush as WTI advances past $14 pb.

<p>Moving to the economic calendar, Australia printed its highest quarterly inflation in five years. Consumer prices in Australia rose 2.2% in the first quarter of 2020 as wildfires and early effects of coronavirus outbreak led to a significant jump in food prices. The AUDUSD pulled out the 100-day moving average (0.6518) as solid inflation tamed the expectations of a further easing from the Reserve Bank of Australia (RBA).</p>
<p>In the US, investors have their eyes fixated to the US first quarter GDP data today, which should throw some light on the extent of the economic damage caused by the coronavirus outbreak and the following business shutdowns. A consensus of analyst expectations pencil in a 4% contraction, but even this figure could fall short of expectations. More importantly, the next quarter will likely print an uglier number. But any disappointment should rather translate into a stronger US dollar, as the greenback is the most reliable safe haven asset of the moment, and a risk-off m</p>