• Gilead’s remdesivir shows promise in clinical trial
• US Continuing Jobless Claims 17,992K, 19,238K forecast, 15,976K previous
• US March Core PCE Price Index (MoM) -0.1%, -0.1% forecast, 0.2% previous
• US Employment Cost Index (QoQ) (Q1) 0.8%, 0.6% forecast, 0.7 previous
• US Initial Jobless Claims 3,839K, 3,500K forecast, 4,427K previous
• US Jobless Claims 4-Week Avg 5,033.25K, 5,786.50K previous
•US PCE March Price index (YoY) 1.3, 1.8 previous
• US March PCE price index (MoM) 0.3, 0.1% previous
• US March Personal Spending (MoM) 7.5%, -5.0% forecast, 0.2% previous
• Canada Feb GDP (MoM) 0.0%, 0.1% forecast,0.1% previous
• Russia Central Bank reserves (USD) 569.8B, 569.7B previous
• US April Chicago PMI 35.4, 38.0 forecast, 47.8 previous
Looking Ahead - Economic Data (GMT)
• 22:30 Australia AIG Manufacturing Index 53.7 previous
• 23:30 Australia Manufacturing PMI 45.6 forecast, 49.7 previous
• 23, 30 Japan April Tokyo Core CPI (YoY) 0.1% 0.4% previous
• 23,30 Japan April CPI Tokyo Ex Food and Energy (MoM) 0.1% previous
Looking Ahead - Events, Other Releases (GMT)
• 23,30 Japan Monetary Policy Meeting Minutes
Currency Summaries
EUR/USD: The euro edged higher against dollar on Thursday as encouraging early results from a COVID-19 treatment trial and expectations of more European Central Bank (ECB) stimulus later in the day. The European Central Bank tweaked policy around the edges on Thursday but kept the door wide open to further stimulus including potentially controversial purchases of junk debt — to help an economy ravaged by the coronavirus pandemic. Immediate resistance can be seen at 1.0865 (21 DMA), an upside break can trigger rise towards 1.0940 (55 DMA).On the downside, immediate support is seen at 1.0840 (5 DMA), a break below could take the pair towards 1.0800 (Psychological level).
GBP/USD: The pound surged on Thursday as investor risk appetite improved, though in the medium-term it is likely to remain governed by Britain’s apparent slower pace in easing coronavirus lockdown restrictions than its European counterparts. Sterling rose more than 1% versus the dollar after the European Central Bank (ECB) said on Thursday it would pay even more for banks to borrow from it as it prepared for a long fight against the fallout from the coronavirus pandemic. Sterling was last up 1.1% at $1.2605. It also rose 0.4% versus the euro to 86.90 pence. Immediate resistance can be seen at 1.2642 (Daily high), an upside break can trigger rise towards 1.2733 (100 DMA).On the downside, immediate support is seen at 1.2436 (5 DMA), a break below could take the pair towards 1.2396 (9 DMA).
USD/CHF: The dollar declined against the Swiss franc on Thursday after the U.S. Federal Reserve left the door open to more monetary easing and dampened expectations for a quick economic recovery from the coronavirus crisis. The greenback also pulled back on signs the pandemic is receding in other countries and on reduced safe-haven demand for holding funds in dollars. Positive trial results for a drug to treat COVID-19 also boosted the appetite for riskier assets. At (GMT 17:58), Greenback was up 0.76% versus the Swiss franc to 0.9659. Immediate resistance can be seen at 0.9724 (9 DMA), an upside break can trigger rise towards 0.9739 (100 DMA).On the downside, immediate support is seen at 0.9636 (Daily low), a break below could take the pair towards 0.9609 (Lower BB).
USD/JPY: The dollar declined against the Japanese yen on Thursday, extending recent drop as investors hoped for an effective COVID-19 treatment, while several nations looked set to emerge from lockdowns. Optimism over an eventual exit from lockdowns has helped developing world stocks over the past few sessions, even as the virus severely hammers the global economy. Strong resistance can be seen at 106.82 (5 DMA), an upside break can trigger rise towards 107.33 (11 DMA).On the downside, immediate support is seen at 106.44(Lower BB), a break below could take the pair towards 106.00 (Psychological level).
Equities Recap
European shares fell from seven-week highs on Thursday after the European Central Bank held back on big policy moves despite mounting evidence of the damage being wrought on the euro zone economy by the coronavirus crisis.
The UK's benchmark FTSE 100 closed up by 0.25 percent, Germany's Dax ended up by 0.09 percent, and France’s CAC finished the day up by 0.39 percent.
Wall Street opened lower on Thursday at the end of a strong month for stock markets globally, as millions more applied for jobless claims in the United States, overshadowing upbeat results from Facebook and Tesla.
At (18:14 GMT) Dow Jones was down by 1.29 percent, S&P 500 was down by 1.19 percent, Nasdaq was down by 0.61 percent.
Treasuries Recap
U.S. Treasury yields were steady on Thursday, holding onto to their lower momentum, after the latest bad economic news that millions more Americans were out of work as a result of the coronavirus outbreak.
The benchmark 10-year yield was last down 3.5 basis points at 0.592%.
Commodities Recap
Gold edged lower on Thursday but was en route to its best month since 2016 on the massive amounts of stimulus from governments worldwide intended to stem the economic damage caused by the COVID-19 outbreak.
Spot gold was up 0.2% at $1,715.25 per ounce by 0949 GMT. U.S. gold futures rose 1% to $1,730.60 per ounce. "Massive monetary support we are witnessing at the movement is helping gold.
Oil prices jumped on Thursday, as signs the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history.
Brent futures for June delivery rose $2.72, or 12%, to $25.26 a barrel by 12:09 p.m. EDT (1609 GMT). U.S. West Texas Intermediate (WTI) crude for June rose $2.57, or 17%, to $17.62.
