Some distractions before we get another record-shattering US jobless claims Ruined forever. US stocks were beaten down quite badly but futures are showing some hopeful signs – for now at least – as we look towards European trading.
Blogs
ForexLive Asia FX news wrap: RBNZ suspends bank dividend payments
Forex news for Asia trading Thursday 2 April 2020 The Reserve Bank of New Zealand instructed commercial banks to halt dividend payments today, until further notice and the US Federal Reserve eased capital requirements for large banks (see bullets above for more detail on both of these).
US Jobless claims data due Thursday – Goldman Sachs forecasts 5.25m
The median consensus projection is 3.7 million, from last week's 3.283 million For perspective, last week's number was mind-boggling: And the scale of job losses is set to repeat this week.
Reuters report US banks threaten not to participate in the small-business rescue program
The newswire citing "five people with direct knowledge of industry discussions". Link here to the Reuters story Aye, that'd be a spanner in the works, sure.
PM Morrison says virus spread is slowing in Australia
Prime Minister press briefing – says Australia is slowing the spread of the virus that causes COVID-19 Hmmm. A lot of the cases in Australia have been from travellers and returning travellers. And yes, those cases are slowing, simple with the passage of time as arrivals into the country dry up (not tonally but mainly, [&he
Los Angeles Mayor recommends everyone wear masks while in public
Mayor Eric Garcetti recommending Angelenos wear non-medical face coverings or masks While LA is in lock down folks are allowed out for essential reasons, and the mayor wants mask wearing while out.
Moody’s lowers its outlook for Australia’s banking system to negative from stable
The ratings agency citing the "broad and growing scope of economic and market disruption from the coronavirus outbreak". Moody's make reasonable points though not particularly ahead of the curve.
Australia, Q1 business confidence (National Australia Bank survey): -11 (prior -1)
NAB business survey for January to March 2020 Business confidence comes in at -11, its lowest since the GFC impacted Q1 of 2009 – prior -2 (revised down from -1) Conditions -4, from prior 8
Oil firms further after report on China boosting reserve purchases
Oil is up by 7% on the day to $21.75 ForexLive The report is a bit timely to help with further short covering after price action flirted with another potential firm drop below the $20 level in overnight trading.
USD/JPY tug of war continues on the week
USD/JPY keeps a little higher on the day but isn't doing a whole lot ForexLive The pair has been doing a bit of a personal battle between the 200-day MA (blue line) and the 107.00 level to start the week and that has slowly progressed towards a tug of war between buyers and sellers closer […]