In This Article:
Earlier in the Day:
It was a quiet start to the week on the economic calendar, with no material stats to provide the markets with direction.
The lack of stats will leave the global financial markets in the hands of the COVID-19 figures from the weekend.
Geopolitical events around the world will also provide direction. News of Boris Johnson coming out of ICU and sentiment towards the EU’s €500bn stimulus package will likely get more consideration. Expect the same for the agreed 10m bpd oil production cut by the world’s oil producers.
On the face of it, neither appear to be close to the quantum required.
On Sunday, the total number of coronavirus cases across France, Germany, Italy, and Spain rose by 13,235 to 583,639. In the U.S, the total number of cases increased by 25,588 to 558,467. That took the total number of cases globally to 1,849,493.
Key take away from the numbers was a marked decline in the new of new cases across the EU and the U.S.
It is worth noting, however, that a similar trend was seen on the previous weekend, where new cases had seen a marked decline on Sunday.
Monday and Tuesday’s numbers will, therefore, be key in the week ahead.
For the Majors
At the time of writing, the Aussie Dollar was down by 0.19% to $0.6337, with the Kiwi Dollar down by 0.12% to $0.6070. The Japanese Yen was up by 0.31% to ¥108.13 against the U.S Dollar
Volumes were on the lighter side, with a number of key markets closed for Easter Monday.
The Day Ahead:
For the EUR
Its quiet day ahead on the economic calendar, with the major EU markets closed for Easter Monday.
The lack of stats will leave the EUR in the hands of the coronavirus numbers and sentiment towards the latest EU stimulus package.
Falling numbers will ultimately provide support to the EUR, though the size of the stimulus package is an issue.
At the time of writing, the EUR was down by 0.09% at $1.0927.
For the Pound
It’s also a quiet day ahead on the economic calendar, with the UK markets closed for Easter Monday.
While there are no stats to consider, market reaction to news of British PM Johnson coming out of ICU should be positive for the Pound.
A continued rise in the number of new cases and deaths, however, will test support as medical experts warn of a peak in the number of cases in a week or two.
At the time of writing, the Pound was up by 0.09% to $1.2466.
Across the Pond
It’s a quiet day ahead on the U.S economic calendar, with no material stats to provide the Dollar with direction.
With no stats to consider, expect the global coronavirus numbers to also provide direction… Market disappointment with the EU’s COVID-19 stimulus package could support a pickup in the Dollar early in the week.