by JustForex
The American currency has been declining. The US dollar index (#DX) closed in the negative zone (-0.23%) yesterday. Financial market participants have started partially fixing positions on the US dollar before today’s labor market report. Experts forecast a decrease in the number of jobs in the US economy by 22.1 million in April. The unemployment rate will reach 16.0%. We recommend paying attention to the difference between the actual and forecasted values.
Yesterday, the Bank of England meeting took place, during which the key interest rate was not changed and remained at the level of 0.10%. According to the regulator, the UK economy expects the largest recession in 300 years due to the COVID-19 pandemic. The Bank of England predicts a sharp decline in GDP this year. According to forecasts, the economy will decline by 30% in the first six months of 2020. Economic recovery is expected no earlier than mid-2021. The crisis caused by the pandemic also affects the growth in unemployment. As reported by the Bank of England, this indicator will more than double and exceed 9% in 2020.
The “black gold” prices continue to recover in the hope of rising demand after more and more countries announce quarantine easing. Currently, futures for the WTI crude oil are testing the $24.15 mark per barrel.
Yesterday, there was the bullish sentiment in the US stock market: #SPY (+1.21%), #DIA (+0.87%), #QQQ (+1.29%).
The 10-year US government bonds yield has risen again. At the moment, the indicator is at the level of 0.70-0.71%.
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by JustForex