Euro Spikes As Headline-Reading Algos Go Wild Ahead Of ECB

Well that didn't last long. Just a few short hours after EURUSD dropped on reports that the ECB would cut its inflation outlook, headlines have hit saying the "changes are likely small" and EURUSD has spiked back towards the highes of the day...

Buried Beneath The Headlines...

"This morning’s big news is the Chinese announcement they would they would buy more US Treasuries as the Yuan stabilizes. Although the knee jerk market response was to take US Treasuries higher, I wonder if traders are misinterpreting the news."

With "Super Thursday" Fast Approaching, This Is What One Trader Plans To Do

"The three known knowns on the schedule are the June ECB meeting, former FBI director James Comey’s testimony before the Senate Intelligence Committee and the U.K. election. All capable of moving things around... The only thing you can be sure of is that any trading being done now solely in preparation for the “big day” is largely a waste of time."

Qatar Crashes In Escalating Gulf Crisis; Oil Fails To Rebound As Global Stocks Dip

S&P futures point to a slightly lower open ahead of today's US non-mfg ISM and Service PMI data. European shares fall, while Asian shares are little changed. Several European countries are closed for Whit Monday leading to subdued trading. Following the latest unexpected Gulf Crisis overnight, in which Gulf nations cut all diplomatic relations with Qatar amid stunning allegations of funding terrorism, oil spiked but has since pared almost all gains.

Watch Live: Sean Spicer Tells The Press To 'Forget Paris'

In today's daily White House press briefing, the mainstream media will undoubtedly be looking to prove once and for all that Spicer and the entire Trump administration are just a bunch of backwards-thinking climate deniers while Spicer will be forced to find 100 different ways to answer the same question by kindly suggesting they "Forget Paris."  It should be great entertainment.

Spain's Sixth Largest Bank Crashes Most In 28 Years On Liquidation Fears

Even as attention has turned once again to Italy as the next possible source of European financial contagion, Spain's sixth largest bank has found itself in freefall over the past few days as concerns grow that the bank may be liquidated unless a last-minute buyer, or source of capital, emerges.

JPM: "There Is A Cloud Hanging Over The Equity Rally, But Stocks Don't Seem To Mind (For Now)"

"There still isn’t a specific fundamental “reason” for the US Thurs rally other than stocks are benefiting from ongoing upside momentum. TSY yields ended Thurs flat and they are unchanged so far Fri morning). The inability of TSY yields to rise (along w/the dramatic multi-month curve flattening process) remains a cloud hanging over the equity rally but stocks obviously don’t seem to mind (for now)."

Stocks Set For New All-Time Highs, Nikkei Rises Above 20,000, Oil Slides

Stocks are set for new all time highs with S&P futures up 0.2%, boosted by green markets across Europe and Asia, where the Nikkei rose above 20,000 for the first time since 2015. World stocks are set for new record highs, having already gained 11% so far this year, ahead of today's US nonfarm payrolls which are expected to increase by 185,000 jobs after surging 211,000 in April.