The US Dollar Is in the Negative Zone

The US dollar fell again relative to a basket of major currencies. The dollar index (#DX) closed in the negative zone (1.22%). In addition to coronavirus, the US dollar is under pressure due to weak economic data. So, yesterday a report on core durable goods orders was published, according to which the number of orders decreased by 0.6% in February, while investors expected a decrease by 0.4%. Today, experts expect the release of a report on the initial jobless claims, and forecast that the number of unemployed has increased by more than 3.5 times due to quarantine in the United States. The US Senate supported the $2 trillion bill, which aims to mitigate the economic consequences of the coronavirus pandemic.

The British pound is still under pressure due to concerns that the UK is not ready to cope with the coronavirus spread. The day before London reported that the total number of coronavirus cases in the country rose to 9,529 on Wednesday, while a day earlier it was 8,077. Today, investors have taken a waitandsee attitude before the Bank of England interest rate decision.

The “black gold” prices are consolidating. At the moment, futures for the WTI crude oil are testing the $23.85 mark per barrel. At 16:30 (GMT+2:00), US crude oil inventories will be published.

Market indicators

Yesterday, there was a variety of trends in the US stock market: #SPY (+1.50%), #DIA (+2.62%), #QQQ (0.74%).

The 10year US government bonds yield fell again. At the moment, the indicator is at the level of 0.810.82%.

• Retail sales in the UK at 09:00 (GMT+2:00);
• Bank of England interest rate decision at 14:00 (GMT+2:00);
• US GDP data at 14:30 (GMT+2:00);
• Initial jobless claims in the US at 14:30 (GMT+2:00).

by JustMarkets, 2020.03.26