Forexlive Americas FX news report: Go BIG or go HOME.
Forex news for NY trading on March 24, 2020
- NYC Mayor De Blasio says April will be worse than March for the coronavirus in the city
- US stimulus bill includes govt low-interest loans for six months
- US crude oil futures settle at $24.01
- Apple expects stores to start reopening 1st half of April
- CNBC: Pres. Trump held call with investors, hedge funds today
- The market is pricing in a Congressional deal: Sell the fact?
- 929,000 Canadians said to apply for jobless benefits last week vs 27,000 normally
- Josh Brown: The person you want to run away from is the person who KNOWS what will happen
- US CDC says 44,232 cases vs 33,453 a day ago
- Italy reports 743 coronavirus deaths vs 602 yesterday
- US 2-year notes sold at 0.398% vs 0.390% WI bid
- European shares end with strong gains on the day
- Cuomo: New York new cases +4790 vs +5707 yesterday
- India announces total ban on leaving the home starting at midnight
- Richmond Fed manufacturing index for March comes in at 2 versus -15 estimate
- US Feb new home sales 765K vs 750K expected
- US March prelim Markit services PMI 39.1 vs 42.0 expected
- Pelosi: There is real optimism we could get something done in the next few hours
- G7: "We will do whatever is necessary" to restore confidence
- Fear is everywhere but there's FOMO too
- ECB's Kazimir doesn't rule out ETF buying but no decision from central bank
- Philly Fed March non-manufacturing index -12.8 vs +36.1 prior
- The GBP is the strongest and the USD is the weakest as NA traders enter for the day
Go big or go home!
That is the motto's for the markets today.
Just take a look at some of these numbers for commodities:
- Spot gold is trading up $75.62 or 4.87% at $1628.85
- Spot silver is up $0.94 or 7.13% at $14.21
- Bitcoin is trading up 5%
- WTI crude is trading up 3.5%
- The Dow had it's biggest point gain ever. It rose 2112.98 point or 11.36%. The % gain was the largest since 1933
- The S&P rose 209.93 points or +9.38% to 2447.33
- The Nasdaq was the dog of the major indices. It rose only 557.18 points or 8.12% to 7417.85.
- United Airline, +25.65%
- Chevron, +23.2%
- Ford Motor, +23.19%
- American Express, +21.95%
- Delta Air Lines, +21.14%
- Boeing, +20.67%
- Intuit, +19.92%
- General Motors, +19.88%
- Morgan Stanley, +19.42%
- McDonald's, +18.48%
- NVIDIA +17.52%
- MasterCard, +16.4%
- Tesla, +16.33%
How about Europe? How did their indices performed today?
- German DAX, +10.98%
- UK's FTSE, +9.05%
- Italy's FTSE MIB, +8.93%
- France's CAC, +8.39%
Looking at the forex market, below is a look at the ranges - and more importantly - the 22 day average range for the major currency pairs from one month ago. The 22 day average ranges for the major currency pairs versus the US dollar range between around 40 pips for the EURUSD, USDCHF and NZDUSD and up to around 90 pips for the GBPUSD (see red line in the chart below).