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Hope that all stimulus and virus precautions will pay off down the road The European shares are ending the session with strong gains on the day. Global stocks are being pushed higher on hopes that all the central bank and government stimulus, combined with the virus precautions will pay off down the road. Time will […]

Gold up more than 4% Gold is at the best levels of the day, up $67 to $1620. A big concern in the market is the mismatch between spot and futures prices. Spot is trading $60 below futures prices, in part due to shutdowns and gold mines and refineries. Shipping gold may also have gotten […]

USD/JPY is testing 111.50 again TD Research flags a scope for selling USD/JPY on further rallies in the near-term. ". There's probably some merit that the extraordinary actions taken by the Fed and its peers have helped to mitigate some brush fires in the global financial plumbing. That's a critical first step to crisis resolutio

Comments from the New York governor Watch live here: "The inescapable conclusion is that the rate of infection is going up. It is spiking. The apex is higher than we thought and the apex is sooner than we thought. That is a bad combination of facts." It's sobering listening to him. He announced the total […]

India goes on full lockdown Indian PM Modi has announced a total lockdown of the country for 21 days to stop the virus. That's another major hit to global demand.

Stocks not halted S&P 500 rises 7.05%. The market hasn't been halted yet, the formula is a bit more complicated than the simple headline. ForexLive

Comments from the Senate majority leader McConnell says negotiations are "on the five-yard line". Meanwhile, Spain has approved a plan of burden-sharing for banks that includes credit lines of up to 20B euros. The government will guarantee around 80% of unpaid loans as part of state-backed credit lines to SMES and the self-employe

Oil can't catch a break The nexus of the pain right now is at refineries. Phillips 66 said today that they are nearing minimum crude rates in many of their refineries.

The prior month came in at -2 – Richmond Fed manufacturing index comes in better than expected at +2 versus -15 estimate – prior month was at -2 – services revenue index +1 versus +26 in February Although the current conditions were more favorable than expectations, the future expectations showed more weakness:

February new home sales numbers Regional breakdown: ForexLive