Morning Market Update

Currency Hedger Trading Desk April 30, 2020





  • US indices ignored poor US GDP reading yesterday and rallied on coronavirus drug hopes. S&P 500 finished 2.66% higher, Nasdaq added 3.57% and Dow Jones gained 2.21%

  • Moods in Asia are upbeat as well. Nikkei is trading 3% higher and S&P/ASX 200 gains 2.4%. Chinese indices are trading higher as well. DAX futures point to big bullish gap at the open of European trading

  • Fed left rates unchanged yesterday. The bank vowed to leave rates at present levels until signs of economic recovery are spotted

  • Number of confirmed coronavirus cases increased to 3.22 million (+81.7k). Death toll rose to 228.25 thousand (+6.6k). However, total number of recovered people topped 1 million!

  • Trump's administration stepped up pressure on China for its handling of the coronavirus outbreak. Donald Trump said he will find ways to punish China

  • China's manufacturing PMI slipped to 50.8 from 52 pts in April (exp. 51 pts) . Services gauge jumped from 52.3 to 53.2 pts (exp. 52.5 pts). Data showed domestic rebound and subdued foreign demand

  • Norway said it will cut oil output by 250k bpd in June and 134 bpd in the second half of 2020. Brent and WTI are trading significantly higher today

  • Japan's industrial production dropped 5.2% YoY in March (exp. -7.4% YoY). Retail sales declined 4.6% YoY (exp. -4.7% YoY)

  • French GDP shrank 5.8% QoQ in the first quarter of 2020 (exp. -4% QoQ)

  • Facebook reported Q1 EPS of $1.71 - in-line with expectations. Revenue came in at $17.74 billion (exp. $17.27 billion)

  • Microsoft reported Q1 EPS of $1.4 - 9.7% above expectations. Revenue came in at $35.02 billion (exp. $33.69 billion)

  • Tesla reported Q1 EPS of $1.24 while market expected loss per share of $0.37. Revenue came in at $5.98 billion (exp. $5.80 billion)

  • NOK and NZD are top performing major currencies while EUR and CHF lag the most



It is hard to draw conclusions on the coronavirus pandemic. On one hand, numbers are not rising. On the other, they are not falling either. Source: worldometers.

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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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