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On Wednesday, the US market fell, finally noticing the negative state of the economy. Above is the S&P 500 daily chart.
Meanwhile, oil reserves in US reached 19.2 million barrels, so price dropped to $ 19.8
JPMorgan reported a -69% drop in the 1st quarter profit.
Retail sales in US for the month of March fell to -8%.
The Dow Jones Industrial Average fell to minus 78 in April.
Today, the weekly report on the US labor market will come out at 13:30 London time. It will contain the latest data on applications for unemployment benefits, which is expected to reach 5-6.5 million.
US and EU authorities are actively discussing ways on how they can gradually lift the quarantine measures. Shops and enterprises are already opened in some parts of Italy. Germany, on the other hand, will start on May 3.
Coronavirus update:
US: The number of infected is still high - 644,000. Infection rate is below 5% (+30,000 per day). Unfortunately, death toll is +2,482 per day.
New York - 214,000 cases. Infection rate is + 5% (+11,000 per day). Death toll is 752 per day.
Europe: Death toll in France is +1,438 per day. Infection rate is + 3%.
Death toll in Italy and Spain: 500-600 per day.
Conclusions: The pandemic is slowly receding in the US. Although the situation in Europe is stabilizing, the situation in southern countries, such as Britain and France, is still complicated. Continuing the quarantine measures is recommended.
Unfortunately, the quarantine measures are affecting economies negatively. Authorities are forced to try finding a balance - impose partial quarantine while gradually reopening the economy. Thus, US and EU economies are likely to reopen by mid-May.
Euro declined on Wednesday, after the report that EU will allocate € 3 trillion to support the economy.
Employment report will come out at 13:30 London time.
Open buy positions from 1.0990.
Open sell positions from 1.0765.
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