Market Roundup
• US 3-Month Bill Auction 0.280%, 0.125% previous
• US 6-Month Bill Auction 0.290%, 0.160% previous
Looking Ahead - Economic Data (GMT)
• 22:45 New Zealand March Electronic Card Retail Sales (MoM) 0.6% previous
• 22:45 New Zealand March Electronic Card Retail Sales (YoY) 8.6% previous
• 22:45 New Zealand External Migration & Visitors 2.90% previous
• 22:45 New Zealand Feb Permanent/Long-Term Migration 6,490 previous
• 22:45 New Zealand Visitor Arrivals (MoM) -0.6% previous
• 01:30 Australia March NAB Business Confidence -4 previous
• 01:30 Australia March NAB Business Survey 3 previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro edged lower against dollar on Monday as risk aversion prevailed as the U.S. emerged as the new epicenter of the global coronavirus pandemic, with the most number of active cases and deaths. The U.S. recorded 1,514 Covid-19 related deaths, lower than the previous day's toll of 1,920, over the past 24 hours. The euro was last trading 0.06 % lower to $1.0905 .Immediate resistance can be seen at 1.0971 (50 DMA), an upside break can trigger rise towards 1.1032 (100 DMA).On the downside, immediate support is seen at 1.0903 (5 DMA), a break below could take the pair towards 1.0882 (9 EMA).
GBP/USD: Sterling rose against dollar on Monday, on expectations that British Prime Minister Boris Johnson will shortly be back at work after British PM Johnson was discharged from hospital. Johnson, 55, was taken to St Thomas’s Hospital in central London on April 5, suffering from persistent symptoms of the disease caused by the new coronavirus. On April 6 he was moved into intensive care, where he remained until April 9. He was last reported to be in stable condition. Improvement in Johnson’s condition means no change in the government’s policy direction in fighting the virus. Immediate resistance can be seen at 1.2596 (50 DMA), an upside break can trigger rise towards 1.2834 (Higher BB).On the downside, immediate support is seen at 1.2371 (9 DMA), a break below could take the pair towards 1.2349 (30 DMA).
USD/CAD: The Canadian dollar strengthens against its U.S. counterpart on Monday as higher oil price and weaker dollar boosted Canadian dollar. Oil price edged higher after OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the COVID-19 pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20%. . At (1931 GMT), The Canadian dollar was at C$1.3968 to the greenback,. Immediate resistance can be seen at 1.3985 (21 EMA), an upside break can trigger rise towards 1.4025 (9 DMA).On the downside, immediate support is seen at 1.3876(Daily low), a break below could take the pair towards 1.3800 (Psychological level).
USD/JPY: The dollar declined against the Japanese yen on Monday as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism about the economic outlook. Financial markets remain on edge over the spread of the novel coronavirus as severe restrictions on personal movement drag the global economy into a deep recession. However, a slower flow of news in the past few days has boosted risk assets modestly, and the dollar, which serves as a safe-haven asset, has drifted modestly lower. Strong resistance can be seen at 108.73 (50 DMA), an upside break can trigger rise towards 108.91 (100 DMA).On the downside, immediate support is seen at 107.00(Psychological level), a break below could take the pair towards 106.30 (lower BB).
Equities Recap
Wall Street’s main indexes slipped on Monday as corporate America launches into what is expected to be a painful quarterly earnings season due to the coronavirus pandemic.
Dow Jones closed down by 1.39 percent, S&P 500 ended down by 1.01 percent, Nasdaq finished up by 0.48 percent.
Treasuries Recap
U.S. Treasury yields rose on Monday, bolstered by news the coronavirus outbreak may be nearing a peak in the United States, raising hopes for reopening the economy weeks after restrictions to fight the fast-spreading disease shut it down.
In afternoon trading, U.S. 10-year yields rose to 0.750% from 0.722% late on Friday. Yields on U.S. 30-year bonds were at 1.383%, up from 1.348% on Friday.
Commodities Recap
Gold prices edged higher to hit a more than one-month peak on Monday, on concerns about the global economic damage from the coronavirus outbreak and support measures from central banks worldwide.
Spot gold was up 0.3% at $1,694.50 per ounce by 10:47 am EDT (1447 GMT), having earlier hit its highest since March 9 at $1,697.75. U.S. gold futures fell 0.6% to $1,742.90.
Oil prices edged higher on Monday in a muted response to a global deal on record output cuts amid concerns over whether the pact will head off an oil glut as the coronavirus pandemic hammers demand.
Brent crude futures were up 53 cents, or 1.7%, at $32.01 a barrel by 1413 GMT, having opened at a session high of $33.99. U.S. West Texas Intermediate (WTI) crude was up 86 cents, or 3.8%, at $23.62, having earlier hit $24.74.
