FxPro Daily Insight for April 16

Market overview

Futures on the S&P500 went negative on the start of New York trading session after falling 2.2% on Wednesday. The VIX continues to rise, marking increased investor anxiety. DAX loses 0.1%, CAC40 -0.6%, and FTSE100 – virtually unchanged.

DXY added 0.1% today, but lost some ground during the European session after jump on Asian one. Commodity-linked currencies are recovering against the dollar today, but this pullback looks fragile in light of weakening stocks. Intraday, pressure on GBPUSD is increasing on the way to 1.25, and in EURUSD – to 1.09.

Demand for Gold intensified again after correction to $1715 the day before. Now quotes have risen to $1730, after touching 7-year highs at $1747 earlier this week.

Brent is struggling to support $30.0. May futures for the American WTI are around $ 20.

Markets got support on the news about quarantine weakening plans in some European countries. Still, they continue to frighten the scale of the economic downturn, which is outlined by outgoing statistics.

Important events for April 17, GMT (Exp.):

02:00 Cn !!! Real GDP (1Q20, -9.8% q/q) 14:00 US !! CB Leading Index (Mar, -7.0%) 12:30 US !! Oil & Gas Rig Count (Apr 12, 602)