The dollar was up on Thursday morning with investor risk appetite soured by an onslaught of bad economic news.
The U.S. said overnight that private employers laid off a record 20.2 million workers in April, and analyst forecasts prepared by Investing.com predict another 3 million Americans claimed unemployment benefits over the past week.
U.S. President Donald Trump added that he would be closely watching to see whether China was fulfilling its obligations under a Phase 1 trade signed between the two countries in January.
Germany’s highest court earlier in the week gave the European Central Bank three months to justify the purchases under its bond-buying program or lose Bundesbank participation in one of ECB’s main stimulus schemes.
USD/JPY was up to 106.19 as Japanese markets reopened after a holiday. GBP/USD rose from 1.2325 to a high of 1.2382 before backing off a little post BOE policy decision. EUR/USD is trading below 1.08, struggling to recover after the German industrial output plunged by 9.2% in March, worse than expected.
Oil prices steadied on Thursday as data showed China’s crude imports rebounded, but market watchers expect gains to be capped by the glut in supplies as the coronavirus pandemic crushes global fuel demand. Gold was up on Thursday morning attempting to recover the losses from the previous session.
Moving ahead, market participants now look forward to the release of Initial Weekly Jobless Claims from the US at 12:30 GMT. BoE’s Governor Bailey speech at 09:00 GMT and a scheduled speech by the ECB President Christine Lagarde at 14:00 will be also eyed.
BOE boosts Sterling – US Jobless Claims eyed
Published on 2020-05-07 07:21
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