Economic Events

FxPro Daily Insight for April 7

Market overview Futures for S&P500 added 3.0% after 7% jump a day earlier on optimism around slowing the spread of coronavirus and news of more stimulus in Italy (+ 350bn), Japan (>$1 trillion) in the US (+ $ 1 trillion). DAX is growing at 3.8% today, CAC40 by 2.8%, FTSE100 by 3%.

The volatility of the foreign exchange market has grown slightly during the day. DXY stepped back across the market. Commodity-linked currencies are leading the recovery. EURUSD jumped above 1.09. GBPUSD rose above 1.2350.

Earlier today gold spot price rose to $1670, while futures rewrote multi-year highs above $1700. By the start of trading in the US, we see some a correctional pullback.

Brent is trading at $ 34.4 in the spot market, near last week’s highs. Information on the upcoming expanded OPEC meeting and call with the Ministry of Energy of many countries is driving prices now.

Investors hope to see flattening growth of the new coronavirus cases and positive impact of stimulus on global recovery.

Important events for April 8, GMT (Exp.): 05:00 Jp ! Economy Watchers Survey (Mar, 22.2) 12:15 Ca !! Housing Starts (Mar, 170K) 14:30 US !! Crude Oil Inventories (Apr 3, 49.1) 17:00 US !!! FOMC Meeting Minutes

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