(11 MAY 2020)DAILY MARKET BRIEF 2:Oil down

<p>The US dollar index steadies below the 100 mark as an indication that the global risk sentiment hasn’t been shaken by the latest employment figures in the US.</p>
<p>The USDJPY is ready take over the 107-resistance. Gold remains close to the $1700 per oz.</p>
<p>The euro and the pound trade near their weekly averages. The EURUSD fluctuated in a tight range of 1.0820/1.0850 in Asia. Due today, the Italian industrial production should confirm a 20% decline in March, but the market appears to be anesthetized against bad economic data, hence figures will certainly not the change the course of the euro. We expect to see firm offers above the 1.09 mark and a solid resistance near 1.10 as worries regarding frictions between the German court and the European Central Bank (ECB) will likely limit the appetite in the single currency. The latest CFTC data confirms that investors cut their long speculative euro positions last week and given the solid buildup in long euro positions since March, there is room for</p>