Let’s check the market. Sings of risk recovery were reflective of the rebound in the United States stock futures and Asian equities. Thus, today, Forex in Asia was a calmer affair on the final trading day of this wild week. To the regional investors alongside a sharp recovery in oil prices, a slowdown in the number of new infections in South Korea and China offered some relief. The dollar was corrected. The United States President Donald Trump’s hints rescued the oil bulls. Trump hinted that he might intervene in an oil price war between Russia and Saudi.
The United States dollar corrected sharply from three-year peaks across its main rivals. Thus, on the forex front, most majors licked their wounds while attempting a solid comeback. The GBP/USD recovered over 200-pips from a new three-decade low, which was 1.1414. Thus, the rush for safety in the dollar faded this session that saved the day for the GBP bulls. EUR/USD regained 1.1700 and bounced off fresh 2020 lows.
The Australian dollar emerged as the top beneficiary of the broad dollar pullback. It held onto gains above 0.5800. Meanwhile, traders cheered the Australian authorities. It was because measures of massive stimulus rolled out to battle the virus’s impact on the economy. Only to stage a 250-pips comeback and regain 0.5900, AUD/USD dipped 1% in early trades to 0.5655. The New Zealand dollar tested the 0.58 handle and tracked the rally in its OZ neighbor. The pair of USD/JPY lost nearly 150-pips and fell back bellow 110.00 from a three-week high of 111.36, on the other hand. Courtesy the dollar retreat; Gold prices jumped 1% in a bid for regaining $1500 mark.
Nevertheless, the coronavirus updates and further global measures of the stimulus will continue to steal the show. It will drive the markets alongside with the sentiment of the risk.
It is the leading news for today.
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