FxPro Daily Insight for April 2
April 02, 2020 @ 16:03 +03:00
Market overview Futures for US indices add about 1% on Thursday after 4.4% drop on Wednesday. The careful optimism on markets from the slowdown in the growth of new virus cases is balancing with gloomy expectations of the impact of quarantine on the labour market.
DXY develop its growth this week. EURUSD fell below 1.0900 on reports of soaring unemployment in the euro-region. GBPUSD, however, has managed to stay afloat today. The volatility of the foreign exchange market continues to decline, giving way to the formation of long-term trends.
Gold rose to $ 1,605 in response to a shift in sentiment in commodity markets.
Brent is adding 6% to $ 27.7 in the spot markets today. Reports of Saudi Arabia’s preparedness to discuss Oil market balance measures caused a 13% jump in quotes in less than 12 hours to $ 28.5. Lately the price eased somewhat.
Investors are waiting for signs of stabilization in the number of infected as the first starting point for further assessing the prospects for the economy and markets.
Important events for April 3, GMT (Exp.): 01:45 Cn !! Markit Services PMI (Mar, 39.6) 08:00 EA !!! Services PMI (Mar, 28.4) 08:30 UK !! Services PMI (Mar, 35.7) 12:30 US !!! Non-farm Payrolls (Mar, -81K) 14:00 US !! ISM Non-Manufacturing PMI (Mar, 48)