Daily Market Commentary

May 26, 2020

Treasuries begin holiday-shortened U.S. week under pressure as S&P 500 futures exceeded 3,000, unleashing further gains. Bear-steepening leaves yields cheaper by 1bp to 3bp ahead of $127 billion auction cycle consisting of 2-, 5- and 7-year notes.

U.S. stocks surged to the highest since March 5 as investors speculated the worst of the pandemic's damage to the global economy has passed after countries moved to ease lockdowns. A dollar gauge fell by the most in almost two months.

The euro-area economy is still facing severe threats even after policy makers took unprecedented measures to tackle the coronavirus pandemic, according to the European Central Bank.

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