This week’s jobless claims data has hit unprecedented numbers. The number jumped to 3.28 million. Initial expectations of 1-1.5 million, which was still a very high estimate, were blown out of the water.
The New Zealand Dollar is fighting it’s way back up as the country enters it’s first official day of nationwide lockdown. It posted a 0.67% gain for the trading day, up to 0.58390 cents against the US Dollar. Just a week ago the NZD had dropped to 0.56, and looked ready to hit the 55 cent mark, as news broke of Air New Zealand’s layoffs.
The Nikkei 225, or Japanese Stock Index had an 8% gain for the day, following on from its 7% gain from the previous day. Less than a week ago the Nikkei had just hit lows not seen since 2017, falling below 20,000 points. However in just 2 days it has made back its losses and is now rapidly on the rebound back to the 20,000 mark.
Yesterday, the US Federal Reserve announced extensive new measures in order to help the US economy. This included a new asset purchase program, including corporate bonds, for the first time since the 2008 financial crisis.
Crude Oil has rebounded back to above $25 per barrel, with a 25% gain for the day. This is one of the biggest single day gains in oil’s history. This rebound comes after WTI had seemingly hit rock bottom, reaching $20/barrel just a day earlier.
The US Dollar has been making sharp moves as the only market trading in the green in the current economic crisis. On the US Dollar Index (DXY), the greenback has been living up to its name by making steady gains since the 9th of March, rising from below 95 points to above 101, the highest it has been since 2017.
GBP/USD Hits 6-Month Low Following £300 Billion Loan Announcement The British Pound fell to its lowest level since September 2019, hitting 1.20150 against the US Dollar, but managed to recover above the 1.2100 threshold after a new package was announced by the...
Yesterday, the Federal Reserve cut rates by a full 100 basis points, bringing the interest rate down to almost 0%. The interest rate for the US Dollar is now officially 0.25%, but is effectively zero.
For the 4th day in a row, the British Pound has been on the downside. Following the pattern of practically every market, including stocks, currencies, and commodities, the GBP slid down to fresh lows, dropping all the way down to $1.2518 against the US Dollar.
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