Forex news for NY trading on April 14, 2020
- NASDAQ index him him him closes above its 50 and 200 day moving averages
- Crude oil future settle at $20.11
- New Jersey death toll rises by 365. The highest one day increase
- France's reports 762 virus deaths. That is the highest in 4 days
- CDC reports 310 new deaths. New total 22,252
- More from Fed's Evans: More worried about too low inflation
- Fed's Evans: Even in a best-case scenario, US and global economies will be impaired
- Italy new virus cases 2972 vs 3153 a day ago
- European shares end the session with mixed results
- New York coronavirus deaths 778 vs 671 prior
- Kudlow: Business loan program may be out of money as soon as Thurs
- Trudeau: It will be weeks still before economy can reopen
- Kudlow: Trump may make announcements on next day or two on reopening
- Gold climbs another $24 in fourth straight day of gains
- Pelosi: House Democrats can't accept McConnell's proposals on 4th stimulus
- UK reports 778 new hospital virus deaths vs 717 yesterday
- G7 statement: Reaffirm close coordination to fight pandemic and mitigate impact
- ECB's Vasiliauskas: It's the right time for coronabonds
- IMF sees global contraction of 3.0% in 2020, rebound of 5.8% in 2021
- The CHF is the strongest and the USD is the weakest as NA traders enter for the day
- JPMorgan provides a look at what the consumer is spending on (and what he isn't)
A snapshot of other markets near the close is showing:
- Spot gold moved higher on the day but is going out near the mid point of the day's trading range. The lower dollar today encouraged the move higher with the high price extended to the highest level since 2012. The price near the close is at $1727.29, up $12 or 0.70%. That is off the high at $1747.36. The low for the day reached 41709.18
- WTI crude oil settle at $20.11 but has since moved up to $20.72 near the end of day. That is still down $1.69 or -7.54%. The low for the day reached $19.95. The high extended to $23.08
In the forex market, the ranking of the major currencies had risk flows into the GBP and AUD and money flowing out of the USD (it was the weakest), and the CAD. The general tone was focused on the idea that the worst was behind with regard to the coronavirus and that led to more flows out of the greenback.
The GBPUSD was the with a 0.91% rise from the closing levels yesterday. That rise to the price right up to its 200 day moving average at 1.2647 where sellers lined up. The price modestly declined to test a trend line on the 5 minute chart (see chart below) and bounced. As we head into the new day, traders will BE eyeing that trend line level along with the rising 100 bar moving average on the chart below at 1.26092 currently. Move below each, and there should be more probing to the downside. Failure to do that and a break above the 200 day moving average would likely lead to further momentum to the upside.
The AUDUSD traded up, down and back up again in the trading price action today. IN the NY session the price is going out at the the highs for the day at 0.6440. The NY session low was in the first hourly bar down at 0.6383. Technically, the price high is a just short of the 61.8% retracement of the move down from the end of December swing high. That level comes in at 0.64482. Get above that level in the new trading day and we should see further upside momentum. Stay below and a rotation back down toward 0.6300 cannot be ruled out over time.
The USDJPY move below a lower trendline on the hourly chart and extended down toward the swing lows from April 1 and April 2nd at 107.00 level (the low reached 107.975 and bounced). The price rebound in the last few hours of trading, extended to the underside of the broken trend line at 107.21. In the new trading day a move back above that level could lead to further corrective price action. Stay below, and the sellers remain firmly in control.
Despite the continued weakness in crude oil today, the USDCAD was somewhat unresponsive. The pair had a low of 1.3862 which was above the low from yesterday at 1.38548. The high price for the day did stall within a resistance area (was a floor but after the break lower is now the ceiling). That area comes in at 1.3920 to 1.3930. Get above in the new trading day and sellers might be inclined to take some profits. Stay below that area, and the sellers still remain in control.
