Global rebound continues as Powell says Fed is ‘Not out of ammunition’ | IFCM UK

Global rebound continues as Powell says Fed is ‘Not out of ammunition’ - 18.5.2020

18/5/2020
Global rebound continues as Powell says Fed is ‘Not out of ammunition’
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Markets are rising today after Fed chair Powell’s comment Sunday don’t ‘bet against American economy.’ Investors appetite for risk was also boosted by a new $3 trillion CARES Act bill passed by the House Friday which is not expected to pass the Republican led Senate, but the White House has indicated willingness to work out a deal on new spending.

Forex news

Currency PairChange
EUR/USD +0.61%
GBP/USD +0.33%
USD/JPY -0.09%
The Dollar strengthening reversed today ahead of National Association of Home Builders report due later in the afternoon. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, edged up 0.1% Friday as industrial production fell below expected 11.2% in April, the largest monthly drop in 101 years. GBP/USD continued falling Friday while EUR/USD reversed its sliding as Eurostat reported euro-zone gross domestic product plunged 3.8% on quarter across the first three months of the year. Both pairs’ dynamics is intact currently. USD/JPY continued climbing on Friday while AUD/USD reversed lower with yen lower currently against the dollar while Australian dollar climbing higher.

Stock Market news

IndicesChange
DJIA +0.74%
Futures on three main US stock indexes are advancing currently after closing higher on Friday. More companies including Komatsu, Panasonic and Fuji Heavy Industries will report quarterly results today. Stock indexes in US ended higher on Friday while recording weekly losses: the three main US stock indexes recorded gains ranging from 0.4% to 0.8%. European stock indexes are extending gains currently as data show new virus cases are slowing. Asian indexes are mostly rising today despite report Japan’s economy shrank 3.4% over year in the January-March period, Australia’s All Ordinaries ASX 200 Index leading with 1% gain currently.

Commodity Market news

CommoditiesChange
WTI Crude Oil +4.32%
Brent is extending gains today. Oil prices ended higher last session as the Baker Hughes reported on Friday that the number of active US rigs drilling for oil dropped by 34 to 258 last week, the nineth consecutive drop in a row. The US oil benchmark West Texas Intermediate (WTI) futures ended higher Friday: July WTI gained 5. 9% and is rising currently. July Brent crude closed 4.4% higher at $32.50 a barrel on Friday, booking a 4.9% gain for the week.

Gold Market News

MetalsChange
XAU/USD +1.02%
Gold prices are extending gains today. June gold added 0.9% to $1756.30 an ounce on Friday.

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