Forex news for North American trade on June 25, 2020:
- US initial jobless claims w.e. 20 June 1,480K vs 1,320K expected
- US Q1 GDP (third reading) -5.0% vs -5.0% expected
- US May prelim durable goods orders +15.9% vs +10.5% expected
- US May prelim wholesale inventories -1.2% vs +0.4% expected
- US May advance goods trade balance -$74.3 billion vs -$68.1 billion expected
- Mexican central bank lowers rates to 5.00% from 5.50%, expected
- Fed's George: A full recovery is still far off, despite job gains in May
- Fed's Kaplan sees 35-40% annualized GDP contraction in Q2
- US banks get easier Volcker rule and $40B reprieve on swaps
- ECB's Knot: There is now a glimmer of the beginning of a recovery
- ECB's Mersch: We would not need to make use of the full PEPP if tensions ease
Coronavirus news:
- Apple to re-close 14 stores in Florida
- Houston-area ICU units hit maximum capacity
- Texas governor Abbott halts new phases of state's reopening
- Arizona coronavirus cases rise 3056 vs 1795 yesterday
- Florida coronavirus cases rise 4.6% vs +4.0% seven-day average
- Texas COVID-19 hospitalizations +8.0% vs +7.3% yesterday
Markets:
- Gold up $2 to $1764
- US 10-year yields flat at 0.68%
- S&P 500 up 33 points to 3083
- WTI crude oil up $1.13 to $39.14
- NZD leads, EUR lags
The FX market struggled to find a theme on Thursday. Dollar strength was evident in Asia and early in Europe but it flattened out as New York arrived and the overall moves were small.
There was a short round of risk aversion early in NY trade as coronavirus numbers came out but it quickly recovered to flat. In the final hour of trading, stocks jumped but FX shrugged it off.
