Forex news for North American trading on April 13, 2020:
- Fed to reduce frequency of overnight and 3-month repos
- Bernie Sanders endorses Joe Biden for President
- CRFB forecasts $3.8 trillion US deficit this year
- US CDC reports 1456 deaths in the US yesterday
- Italy reports fewest new coronavirus cases in six days but deaths rise
- New York virus deaths 671 vs 758 yesterday
- Canada coronavirus deaths rise to 734 from 674 yesterday
- US gasoline demand down nearly 55% - GasBuddy
- UK coronavirus deaths rise to 11,329 from 10,612 yesterday
- Fed's Bostic: Recovery should be much more robust
- Saudi oil min: We're ready to cut further in June if needed
- Fed's Clarida: Will keeps rates near zero until the economy is back on track
Markets:
- Gold up $22 to $1719 in rally to highest since 2012
- US 10-year yields up 3 bps to 0.75%
- WTI crude down 7-cents to $22.71
- S&P 500 down 26 points to 2763
- JPY leads, EUR lags
The US dollar was on the defensive in North American trade and took some big hits, including a swift run on stops in USD/CAD leading to a 100 pip decline on the day.
it wasn't about the risk trade today as USD/JPY also took a fall in steady selling before a late bounce to 107.75.
The euro was generally left out of the party as it slipped below 1.09 the edged back above it.
Gold was lower early in the day but reversed and then rallied more than $20 to an eight-year high, taking out the March top.
Oil was a huge focus coming into the day but it was surprisingly subdued. It tried to run higher early but was reeled in and fell into settlement. However it was largely flat on the day.
