We're a few minute ahead of the fix There is no fundamental news behind these big moves in the market. The particularly large moves are in yen crosses, which are soaring. GBP/JPY is up 150 pips in minutes.
Blogs
White House economic advisor: Expects unemployment rate at 19%
That's a little higher than expectations White House economic advisor Hassett is on FOXNews saying: The 19% level is a bit high compared to market expectations. The meeting estimate as per Bloomberg is 16.3%. The average is 15.12% with a high estimate of 22%.
Remember….Adam Button is scheduled to speak at ForexAnalytix event shortly
Speaking at 9:45 AM ET As a reminder who registered, Adam button will be speaking at the ForexAnalytix traders summit. The topic: News Matters more than ever: 8 ways to use it to get an edge in FX
US major indices open mixed. NASDAQ outperforms
NASDAQ near unchanged levels the US major indices are opening lower with the NASDAQ outperforming the S&P and Dow industrial average. A snapshot of the markets is showing:
ECB Lagarde Press conference highlights from prepared remarks
Lagarde highlights from ECB press conference In the debt market , the Italian and Spanish bond yields have moved lower,with 2 year yields down by 15 basis points to 0.47% in Italy. That is the lowest in over 3 weeks. In Spain, the 10 year yield touches 0.74%. Which is the lowest rate since April […]
Canada February GDP +2.1% vs +2.2% y/y expected
Canada February 2020 GDP: Canada wasn't doing particularly well in Q1 even before the pandemic hit. Part of that was the fall in oil prices early in the year.
US March personal spending -7.5% vs -5.0% expected
Highlights of the March 2020 PCE report: Inflation: – PCE core MoM -0.1% vs -0.1% expected – Prior MoM +0.2% – Deflator YoY 1.7% vs +1.6% expected Consumers spending and income for March:
US initial jobless claims 3839K versus 3500K estimate
Initial jobless claims and continuing claims See here for global coronavirus case data
There's a full slate of economic data due at the bottom of the hour
What's coming up The ECB press conference will start just after the bottom of the hour but first we get: The jobless claims numbers haven't been able to rattle the market since the virus started and I don't see why that would change today. The inflation data in the PCE report won't matter but the […]
The market isn't too impressed with the ECB statement, over to Lagarde now
European stocks fall on the latest ECB decision See here for global coronavirus case data The key takeaway from the ECB decision is that they didn't provide any further follow-up on PEPP besides reaffirming that they will be willing to take further action.