Forexlive Latest News

Author: Justin Low

Forex news from the European trading session - 3 April 2020

Headlines:

Markets:

  • USD leads, AUD lags on the day
  • European equities slightly softer; E-minis down 0.8%
  • US 10-year yields down 1 bps to 0.585%
  • Gold flat at $1,613.90
  • WTI up 4.9% to $26.57
  • Bitcoin up 3.5% to $6,985

EOD 03-04
Oil headlines were the main story of the session but in the currencies space, it is all about the dollar as the greenback extended its good form on the week into the final stretch.

OPEC+ set a date for a meeting on Monday next week and that helped oil to rally on hopes of some discussion about a 10 mil bpd worth of output cuts.

But so far, there is no official confirmation of Russia and other outside producers joining.

Nonetheless, the news helped turn oil prices around as we see WTI cover 4% losses to turn them into over 5% gains at one point - rising from $23.70 to $27.00.

The overall risk mood remains slightly softer as we look towards the US jobs report release and that is underpinning the dollar across the board, and also against EM currencies.

EUR/USD pushed lower to fresh one-week lows just under 1.0800 from 1.0840 while USD/JPY extended higher from 108.05 to 108.50, just above its 200-day moving average.

The greenback also kept firmer against commodity currencies with AUD/USD easing back under 0.6000 while USD/CAD is also a little higher around 1.4180 despite the gains in oil.

Looking ahead, all eyes will turn towards the US jobs report but don't expect it to tell us anything we don't already know. It'll be a passing event but the market may choose to wait on it to be over and done with before it goes running ahead of the weekend.

View More

Fri 3 Apr 2020 11:32:10 GMT

1

US employment growth to come a historic end, but how much of that matters?

A record run of 113 straight months of jobs growth will come to an end today ForexLive The non-farm payrolls report today is merely going to offer investors some food for thought rather than any real indication of present labour market conditions in the US economy.

View More

US employment growth to come a historic end, but how much of that matters?


//az705044.vo.msecnd.net/20200403/4-3-2020-7-06-19-pm.png Justin Low
Fri 3 Apr 2020 11:32:10 GMT
Author: Justin Low
Category: News
1


A record run of 113 straight months of jobs growth will come to an end today ForexLive The non-farm payrolls report today is merely going to offer investors some food for thought rather than any real indication of present labour market conditions in the US economy.

Asset 24 View More
This is the kind of thing the brings out the pitchforks
Asset 41
Fri 3 Apr 2020 11:04:13 GMT

2

UK health secretary hints that Easter Sunday could be peak for virus outbreak in the UK

UK health secretary, Matt Hancock, speaks to Sky News If there's one thing that we all can learn from in all of this, is that the virus itself determines the course of action and the next step of measures that needs to be undertaken.

View More

UK health secretary hints that Easter Sunday could be peak for virus outbreak in the UK


//az705044.vo.msecnd.net/20200403/4-3-2020-6-58-40-pm.png Justin Low
Fri 3 Apr 2020 11:04:13 GMT
Author: Justin Low
Category: News
2
UK health secretary, Matt Hancock, speaks to Sky News If there's one thing that we all can learn from in all of this, is that the virus itself determines the course of action and the next step of measures that needs to be undertaken.

Asset 24 View More
Fri 3 Apr 2020 10:57:02 GMT

Ford extends European production halt until at least 4 May

Temporary suspension to apply to most vehicle, engine production sites From the company's : statement The announcement follows prior confirmation that production would be temporarily suspended from March 19 for a number of weeks at Ford's main continental European manufacturing sites (Saarlouis and Cologne, Germany; Valencia, Spain; and Craiova, Romania), with production also halted at its Bridgend and Dagenham engine plants in the U.K. from March 23. The company's operations in Valencia, Spain, however, will remain in temporary suspension until at least April 27.

View More

Ford extends European production halt until at least 4 May


Justin Low
Fri 3 Apr 2020 10:57:02 GMT
Author: Justin Low
Category: News
0
Temporary suspension to apply to most vehicle, engine production sites From the company's : statement The announcement follows prior confirmation that production would be temporarily suspended from March 19 for a number of weeks at Ford's main continental European manufacturing sites (Saarlouis and Cologne, Germany; Valencia, Spain; and Craiova, Romania), with production also halted at its Bridgend and Dagenham engine plants in the U.K. from March 23. The company's operations in Valencia, Spain, however, will remain in temporary suspension until at least April 27.

Asset 24 View More
Fri 3 Apr 2020 10:22:16 GMT

5

Tokyo reports 89 new coronavirus cases, brings total tally to 773 cases

Tokyo governor, Yuriko Koike, confirms the number of cases ForexLive

View More

Tokyo reports 89 new coronavirus cases, brings total tally to 773 cases


Justin Low
Fri 3 Apr 2020 10:22:16 GMT
Author: Justin Low
Category: News
5
Tokyo governor, Yuriko Koike, confirms the number of cases ForexLive

Asset 24 View More
Fri 3 Apr 2020 10:16:14 GMT

2

Kremlin spokesman says won't confirm if Russia will join OPEC+ meeting next Monday

Says Putin is to meet with officials and oil industry executives today ForexLive

View More

Kremlin spokesman says won't confirm if Russia will join OPEC+ meeting next Monday


Justin Low
Fri 3 Apr 2020 10:16:14 GMT
Author: Justin Low
Category: News
2
Says Putin is to meet with officials and oil industry executives today ForexLive

Asset 24 View More
Fri 3 Apr 2020 09:46:43 GMT

2

OPEC+ delegate said to see a global output cut of 10 mil bpd as a realistic goal

Bloomberg with the headlines, citing an OPEC+ delegate on the matter - OPEC+ wants global oil producers meeting as soon as possible - OPEC+ encouraging other producers to join the meeting ForexLive

View More

OPEC+ delegate said to see a global output cut of 10 mil bpd as a realistic goal


//az705044.vo.msecnd.net/20200303/opec-unity.png Justin Low
Fri 3 Apr 2020 09:46:43 GMT
Author: Justin Low
Category: News
2
Bloomberg with the headlines, citing an OPEC+ delegate on the matter - OPEC+ wants global oil producers meeting as soon as possible - OPEC+ encouraging other producers to join the meeting ForexLive

Asset 24 View More
Fri 3 Apr 2020 09:40:50 GMT

Spain reports 117,710 total coronavirus cases, up by 7,472 cases from yesterday

That is roughly a 7% increase in the number of cases The same goes for the amount of cases being reported, as it is more than 7,000 cases still. ForexLive

View More

Spain reports 117,710 total coronavirus cases, up by 7,472 cases from yesterday


Justin Low
Fri 3 Apr 2020 09:40:50 GMT
Author: Justin Low
Category: News
0
That is roughly a 7% increase in the number of cases The same goes for the amount of cases being reported, as it is more than 7,000 cases still. ForexLive

Asset 24 View More
Fri 3 Apr 2020 09:32:59 GMT

1

AUD/USD falls to fresh one-week low below 0.6000

AUD/USD is down by over 1% on the day now ForexLive The slippery slope starts to open up again in AUD/USD as sellers drive the pair to the downside on a break below the key hourly moving averages.

View More

AUD/USD falls to fresh one-week low below 0.6000


//az705044.vo.msecnd.net/20200403/4-3-2020-5-26-04-pm.png Justin Low
Fri 3 Apr 2020 09:32:59 GMT
Author: Justin Low
Category: Technical Analysis
1
AUD/USD is down by over 1% on the day now ForexLive The slippery slope starts to open up again in AUD/USD as sellers drive the pair to the downside on a break below the key hourly moving averages.

Asset 24 View More
Fri 3 Apr 2020 09:23:47 GMT

USD/JPY touches session high as dollar extends gains on the day

USD/JPY starts to look for a key break to the upside ForexLive It is all about the dollar in the currencies space today, as even the softer risk mood isn't quite stopping the greenback from gaining against the yen.

View More

USD/JPY touches session high as dollar extends gains on the day


//az705044.vo.msecnd.net/20200403/4-3-2020-5-13-53-pm.png Justin Low
Fri 3 Apr 2020 09:23:47 GMT
Author: Justin Low
Category: Technical Analysis
0
USD/JPY starts to look for a key break to the upside ForexLive It is all about the dollar in the currencies space today, as even the softer risk mood isn't quite stopping the greenback from gaining against the yen.

Asset 24 View More
Fri 3 Apr 2020 09:11:39 GMT

S&P affirms Japan at A+, outlook remains positive

S&P affirms Japan's long-term foreign currency debt rating ForexLive

View More

S&P affirms Japan at A+, outlook remains positive


Justin Low
Fri 3 Apr 2020 09:11:39 GMT
Author: Justin Low
Category: News
0
S&P affirms Japan's long-term foreign currency debt rating ForexLive

Asset 24 View More
Fri 3 Apr 2020 09:09:01 GMT

7

Germany reportedly set to reject coronabonds at euro area minister meeting

Der Spiegel reports on the matter ForexLive  

View More

Germany reportedly set to reject coronabonds at euro area minister meeting


Justin Low
Fri 3 Apr 2020 09:09:01 GMT
Author: Justin Low
Category: News
7
Der Spiegel reports on the matter ForexLive  

Asset 24 View More
Fri 3 Apr 2020 09:00:06 GMT

1

Eurozone February retail sales +0.9% vs +0.1% m/m expected

Latest data released by Eurostat - 3 April 2020 - +0.6%; revised to +0.7% - Retail sales +3.0% vs +1.6% y/y expected - Prior +1.7%; revised to +2.2% This relates to pre-virus economic conditions so it is hardly relevant at this point in time.

View More

Eurozone February retail sales +0.9% vs +0.1% m/m expected


Justin Low
Fri 3 Apr 2020 09:00:06 GMT
Author: Justin Low
Category: News
1
Latest data released by Eurostat - 3 April 2020 - +0.6%; revised to +0.7% - Retail sales +3.0% vs +1.6% y/y expected - Prior +1.7%; revised to +2.2% This relates to pre-virus economic conditions so it is hardly relevant at this point in time.

Asset 24 View More
Fri 3 Apr 2020 08:59:27 GMT

PBOC says it is to cut RRR for smaller banks

The Chinese central bank announces targeted RRR cuts for smaller banks The central bank also says that this will release about ¥400 billion worth of funds into the financial system. The move above was already hinted earlier in the week .

View More

PBOC says it is to cut RRR for smaller banks


//az705044.vo.msecnd.net/20171128/pboc.png Justin Low
Fri 3 Apr 2020 08:59:27 GMT
Author: Justin Low
Category: Central Banks
0
The Chinese central bank announces targeted RRR cuts for smaller banks The central bank also says that this will release about ¥400 billion worth of funds into the financial system. The move above was already hinted earlier in the week .

Asset 24 View More
Fri 3 Apr 2020 08:58:45 GMT

3

Air France-KLM said to be in talks with banks on multi-billion euro loan package

Reuters reports, citing sources familiar with the matter ForexLive

View More

Air France-KLM said to be in talks with banks on multi-billion euro loan package


Justin Low
Fri 3 Apr 2020 08:58:45 GMT
Author: Justin Low
Category: News
3
Reuters reports, citing sources familiar with the matter ForexLive

Asset 24 View More
Fri 3 Apr 2020 08:53:40 GMT

Cable closes in on test of 1.2300 handle on firmer dollar

GBP/USD falls to a session low of 1.2304 ForexLive The dollar is continuing to keep firmer on the session and that is pushing cable lower by 0.7% on the day as price continues to rest below the 100-hour MA (red line) in trading today.

View More

Cable closes in on test of 1.2300 handle on firmer dollar


//az705044.vo.msecnd.net/20200403/4-3-2020-4-46-18-pm.png Justin Low
Fri 3 Apr 2020 08:53:40 GMT
Author: Justin Low
Category: Technical Analysis
0
GBP/USD falls to a session low of 1.2304 ForexLive The dollar is continuing to keep firmer on the session and that is pushing cable lower by 0.7% on the day as price continues to rest below the 100-hour MA (red line) in trading today.

Asset 24 View More
Fri 3 Apr 2020 08:39:49 GMT

Germany's RKI: Measures against coronavirus must be maintained

Comments by Germany's center for disease control, RKI - Strategy against the coronavirus outbreak is working - Actual virus death rate probably exceeds what is reported ForexLive

View More

Germany's RKI: Measures against coronavirus must be maintained


Justin Low
Fri 3 Apr 2020 08:39:49 GMT
Author: Justin Low
Category: News
0
Comments by Germany's center for disease control, RKI - Strategy against the coronavirus outbreak is working - Actual virus death rate probably exceeds what is reported ForexLive

Asset 24 View More
Fri 3 Apr 2020 08:30:02 GMT

UK March final services PMI 34.5 vs 35.7 prelim

Latest data released by Markit/CIPS - 3 April 2020 - Composite PMI 36.0 vs 37.1 prelim ForexLive The preliminary report can be found . The revision lower reflects the sharpest fall in activity in the survey's history as business shutdowns and drop in demand weigh on UK economic conditions last month amid the virus outbreak.

View More

UK March final services PMI 34.5 vs 35.7 prelim


//az705044.vo.msecnd.net/20200403/4-3-2020-4-33-02-pm.png Justin Low
Fri 3 Apr 2020 08:30:02 GMT
Author: Justin Low
Category: News
0
Latest data released by Markit/CIPS - 3 April 2020 - Composite PMI 36.0 vs 37.1 prelim ForexLive The preliminary report can be found . The revision lower reflects the sharpest fall in activity in the survey's history as business shutdowns and drop in demand weigh on UK economic conditions last month amid the virus outbreak.

Asset 24 View More
Fri 3 Apr 2020 08:18:23 GMT

1

Singapore tightens restrictive measures, to go into effect from next Tuesday

Singapore to close schools and most workplaces amid the virus outbreak - To close most workplaces except for essential services - To move to full home-based learning for schools ForexLive

View More

Singapore tightens restrictive measures, to go into effect from next Tuesday


Justin Low
Fri 3 Apr 2020 08:18:23 GMT
Author: Justin Low
Category: News
1
Singapore to close schools and most workplaces amid the virus outbreak - To close most workplaces except for essential services - To move to full home-based learning for schools ForexLive

Asset 24 View More
Fri 3 Apr 2020 08:12:44 GMT

8

It is going to be another day of messy oil headlines

Even more so than it already has been Earlier, RIA that 10 mil bpd worth of output cuts is on the table. Now, the WSJ is reporting that roughly 6 mil bpd worth of output cuts will be discussed - adding that Russia will only cut if the US also contributes.

View More

It is going to be another day of messy oil headlines


//az705044.vo.msecnd.net/20200402/russia-saudi-oil.png Justin Low
Fri 3 Apr 2020 08:12:44 GMT
Author: Justin Low
Category: News
8
Even more so than it already has been Earlier, RIA that 10 mil bpd worth of output cuts is on the table. Now, the WSJ is reporting that roughly 6 mil bpd worth of output cuts will be discussed - adding that Russia will only cut if the US also contributes.

Asset 24 View More
Fri 3 Apr 2020 08:00:03 GMT

Eurozone March final services PMI 26.4 vs 28.4 prelim

Latest data released by Markit - 3 April 2020 - Composite PMI 29.7 vs 31.4 prelim ForexLive The preliminary report can be found . The revision lower reaffirms record lows for both readings as the virus outbreak situation strikes down the Eurozone economy last month.

View More

Eurozone March final services PMI 26.4 vs 28.4 prelim


//az705044.vo.msecnd.net/20200403/4-3-2020-4-02-58-pm.png Justin Low
Fri 3 Apr 2020 08:00:03 GMT
Author: Justin Low
Category: News
0
Latest data released by Markit - 3 April 2020 - Composite PMI 29.7 vs 31.4 prelim ForexLive The preliminary report can be found . The revision lower reaffirms record lows for both readings as the virus outbreak situation strikes down the Eurozone economy last month.

Asset 24 View More
Fri 3 Apr 2020 07:55:03 GMT

Germany March final services PMI 31.7 vs 34.5 prelim

Latest data released by Markit/BME - 3 April 2020 - Composite PMI 35.0 vs 37.2 prelim ForexLive The preliminary report can be found . The revision lower reaffirms a record low for the services reading as the entire euro area economy has been slammed down hard by the virus outbreak and related measures to restrict the spread.

View More

Germany March final services PMI 31.7 vs 34.5 prelim


//az705044.vo.msecnd.net/20200403/4-3-2020-3-58-49-pm.png Justin Low
Fri 3 Apr 2020 07:55:03 GMT
Author: Justin Low
Category: News
0
Latest data released by Markit/BME - 3 April 2020 - Composite PMI 35.0 vs 37.2 prelim ForexLive The preliminary report can be found . The revision lower reaffirms a record low for the services reading as the entire euro area economy has been slammed down hard by the virus outbreak and related measures to restrict the spread.

Asset 24 View More
Fri 3 Apr 2020 07:50:03 GMT

France March final services PMI 27.4 vs 29.0 prelim

Latest data released by Markit - 3 April 2020 - Composite PMI 28.9 vs 30.2 prelim ForexLive The preliminary report can be found . The softer revisions reaffirm record low for both the services and composite readings as the virus outbreak hits hard on French and euro area economic activity for the month of March.

View More

France March final services PMI 27.4 vs 29.0 prelim


//az705044.vo.msecnd.net/20200403/4-3-2020-3-53-06-pm.png Justin Low
Fri 3 Apr 2020 07:50:03 GMT
Author: Justin Low
Category: News
0
Latest data released by Markit - 3 April 2020 - Composite PMI 28.9 vs 30.2 prelim ForexLive The preliminary report can be found . The softer revisions reaffirm record low for both the services and composite readings as the virus outbreak hits hard on French and euro area economic activity for the month of March.

Asset 24 View More
Fri 3 Apr 2020 07:49:48 GMT

OPEC+ reportedly said to discuss possible 10 mil bpd output cuts next week

RIA reports on the matter - No firm quotas are set just yet - There are some new countries wishing to join OPEC+ ForexLive Well, the good news for oil is that the big figure still appears to be on the table but then again this might require a joint-effort by other countries as well and not just OPEC+ nations.

View More

OPEC+ reportedly said to discuss possible 10 mil bpd output cuts next week


Justin Low
Fri 3 Apr 2020 07:49:48 GMT
Author: Justin Low
Category: News
0
RIA reports on the matter - No firm quotas are set just yet - There are some new countries wishing to join OPEC+ ForexLive Well, the good news for oil is that the big figure still appears to be on the table but then again this might require a joint-effort by other countries as well and not just OPEC+ nations.

Asset 24 View More
Fri 3 Apr 2020 07:45:06 GMT

Italy March services PMI 17.4 vs 22.5 expected

Latest data released by Markit - 3 April 2020 - Prior 52.1 - Composite PMI 20.2 vs 25.0 expected - Prior 50.7 ForexLive That's an absolute stinker of a PMI reading as the services component falls to a record low, but again it is unsurprising considering the circumstances. The real fear is that April will continue to be worse as lockdown measures continue to extend in the country.

View More

Italy March services PMI 17.4 vs 22.5 expected


//az705044.vo.msecnd.net/20200403/4-3-2020-3-48-06-pm.png Justin Low
Fri 3 Apr 2020 07:45:06 GMT
Author: Justin Low
Category: News
0
Latest data released by Markit - 3 April 2020 - Prior 52.1 - Composite PMI 20.2 vs 25.0 expected - Prior 50.7 ForexLive That's an absolute stinker of a PMI reading as the services component falls to a record low, but again it is unsurprising considering the circumstances. The real fear is that April will continue to be worse as lockdown measures continue to extend in the country.

Asset 24 View More

More Headlines


By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose