Forex news from the European trading session - 2 April 2020
Headlines:
- US-based employers cut jobs by the most since January 2009 during last month
- Oil tanks at vital Africa storage hub said to be almost full as excess crude floods the market
- Boeing initiates voluntary layoff plan
- US futures keep higher, record jobless claims being eyed
- Spain coronavirus deaths surpasses 10,000 persons
- Top German automakers reportedly said to have held crisis call with Merkel yesterday
- Thailand to impose nationwide night-time curfew starting from Friday
- Tokyo reportedly confirms over 90 more coronavirus cases, biggest one-day increase
- Spanish jobless claims rise by most on record in March
- China says that it acted in an open, transparent manner amid the coronavirus outbreak
- UK FCA proposes temporary freeze on some credit card payments
- China is to start buying oil for state reserves after sharp drop in prices - report
- RKI reports 73,522 coronavirus cases in Germany, up by 6,156 cases from yesterday
Markets:
- GBP leads, EUR lags on the day
- European equities mildly higher; E-minis up 1.5%
- US 10-year yields flat at 0.58%
- Gold up 0.3% to $1,595.50
- WTI up 10.3% to $22.40
- Bitcoin up 5.3% to $6,691
The market was quiet for the most part with major currencies not really moving a whole lot while bonds stayed flat and equities are keeping mildly higher after falling yesterday.
Oil is the big mover as it is up by over 10% - though in dollar terms it is roughly $2 - as prices keep higher after China said that it will stack up on state reserves.
That helped to see price climb back above the $22 level after lingering around $21.50 at the tail-end of Asia Pacific trading.
In the currencies space, things were more calm as the dollar inched higher against the euro with sellers testing waters under the 200-hour moving average.
EUR/USD eased from 1.0940 to 1.0910 during the session as the greenback kept steadier as well. USD/JPY didn't do a whole lot, trading around 107.30-50 for the most part.
The pound is the lead gainer as cable pushed higher from 1.2410 to 1.2475 before easing off a little while risk currencies are a little bid but nothing exemplary during the session.
All eyes now turn towards the US weekly initial jobless claims report, where we look set for yet another record-shattering figure potentially today.
