nvestors are getting nervous as COVID 19 cases continue to surge in the US, although the last two days have seen a slight downtick from the record highs posted on Friday. Still, the US is reporting more than 40k cases a day, which is double the number reported in March/April, when the virus was peaking in New York.
From other news, Chesapeake filed for bankruptcy on Sunday, wiping out 7 billion USD in debt. The company that launched the US shale boom finally gave up and filed for a pre-packaged bankruptcy in the Southern District of Texas. Once a 37.5 billion USD giant failed to reduce its debt burden, which, combined with falling energy prices, led to its demise.
There are a couple of macro data of medium importance on the agenda today - the eurozone's consumer confidence, German inflation indices, and the US pending home sales.
In the FX land, the US dollar was trading weaker on Monday, and the EURUSD pair advanced toward the 1.13 threshold again, which indicates that today's session might be with a risk-on attitude.
Metals were seen a bit higher, with copper outperforming, while the WTI benchmark fell below 38 USD again.