Morning Market Update

  • US indices finished yesterday’s session lower. S&P 500 and Nasdaq dropped 4.41% while Dow Jones declined 4.44%. Russell 2000 closed almost 6% lower.

  • Moods in the Asia-Pacific region are mixed. Nikkei, S&P/ASX 200 and Hang Seng dropped while Shanghai Composite and Kospi traded slightly higher. DAX futures point to a small bearish gap at the launch of the European session

  • Number of confirmed coronavirus cases jumped to above 935 thousand while the death toll rose to 47,249. The United States became the first country to surpass 200 thousand cases. Number of confirmed cases in Spain surpassed 100 thousand yesterday

  • NZD is the top performing major currency today. GBP, CAD and AUD catch a bid as well. JPY and CHF are top laggards among majors

  • Most commodities trade higher on Thursday morning. Precious metals trade higher led by palladium while WTI jumps back above $21.50. Industrial metals trade mixed

  • Reserve Bank of New Zealand told commercial banks to suspend dividend payments

  • Federal Reserve temporarily eased capital requirements for major banks

  • US vehicle sales dropped 30.3% MoM in March, to 11.37 million

  • Trump said he will meet with oil companies tomorrow

  • According to Bloomberg report, China will start stocking up state reserves of oil amid a sharp price drop

Virus spread continues to accelerate and the number of confirmed cases is likely to surpass 1 million today or tomorrow. White House projects that the virus may kill up to 240,000 people in the United States alone.

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Trading in leveraged currency contracts comes with substantial risk. You must be aware of these risks before opening an account to trade. High leverage amplifies gains as well as losses, leading to potential loss of the entire account balance. Trading in leveraged currency contracts may not be suitable for every investor. Never speculate using money that you cannot afford to lose.

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