Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar held onto its gains made on Wednesday as Forex traders looked for safety. They bought the world’s most liquid currency, the almighty dollar as sentiment continues to remain sour.
This comes as traders continue to worry about the spread of the Covid-19 virus and its economic impact on the global economy. Global trade and supply routes continue to be disrupted.
The dollar index, which measures the U.S. currency in a basket against six other Forex unites, was up over half a percent overnight as the greenback appreciated against most of the other G-10 currencies except for the safe haven Japanese yen.
The EUR/USD currency exchange rate was flat at 1.0959 after falling 0.69 percent on Wednesday. The GBP/USD Forex market was trading at 1.2382 after losing 0.4 percent yesterday.
The AUD/USD currency exchange rate was at 0.6080 after losing 0.99 percent the day before and the USD/JPY exchange rate was trading at 107.15 yen. This Forex market hit a two week low at 106.95 yen on Wednesday.
Forex Traders Support the Dollar as the Covid-19 Virus Spreads
On Tuesday, President Donald Trump said that the United States was in in for a “painful” two weeks. He made these ominous comments at a press conference where he extended social distancing guidelines through the end of April.
The Covid-19 pandemic is not showing many signs of slowing down. There are nearly one million cases worldwide and it has reached over two hundred countries.
U.S. will Release more Labor Data before Friday’s NFP
Looking at economic events for today, the world’s largest economy, the United States is publishing the last pieced of the puzzle for Friday’s key and closely watched non-farm payroll (NFP) report. The United States will release weekly unemployment claims, for the week ending March 27. The U.S. will also publish the Challenger jobs cuts.
Also on the U.S. calendar is monthly trade data as well as factory orders for the month of March. Spain will publish their monthly unemployment change. The Eurozone will release their monthly producer price index (PPI).
