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Oil jumps on cut talk from Algeria
Wed, Apr 8, 2020 6:21 PM
Quick move higher in oil Algeria's oil minister said production cuts at OPEC+ could reach 10 mbpd. There's so many minefields in the statements. It's unclear whether the benchmark for that is Q1 production or if it includes the extra 2.5 mbpd that Saudi Arabia is dumping now.
FOMC minutes: Trading conditions across a range of markets were severely strained
Wed, Apr 8, 2020 6:01 PM
Comments in the minutes of the March 15 meeting This is nothing new but worth repeating: With regard to monetary policy beyond this meeting, these participants judged that it would be appropriate to maintain the target range for the federal funds
CDC reports total coronavirus cases up to 395,011 vs 374,329 yesterday
Wed, Apr 8, 2020 5:53 PM
US coronavirus data for April 8, 2020 Meanwhile in NJ which is has the 2nd highest case count in the US, showed: ForexLive
Oil rests near the lows of the day but reports say Russia is ready to cut
Wed, Apr 8, 2020 5:40 PM
Keep an eye on oil into settlement Yesterday's big swoon in oil started at about 1 pm ET but it's been quiet today. However we're still within striking distance of the lows of the day as we head into the final hour of trading before floor settlement.
US sells 30-year bonds at 1.325% vs 1.330% WI
Wed, Apr 8, 2020 5:04 PM
Good demand for bonds I weep for the person who buys a 30-year bond that only pays 1.325%. That's a big bet against the Fed never meeting its mandate. ForexLive
New York state coronavirus deaths 779 vs 731 yesterday
Wed, Apr 8, 2020 4:42 PM
New York state coronavirus data for April 8, 2020 Numbers will be filled it as they're released: The number of cases was the highest yet. I have to wonder about the hospital numbers when there are reports like this:
Italy coronavirus cases rise by most in three days
Wed, Apr 8, 2020 4:12 PM
The latest numbers from Italy The number of deaths was lower but cases higher. Italy went into a national lockdown on March 8, so this is a full month now and they're still getting 3836 cases per day. It's tough to see how the economy can re-open any time soon.
UK reports deadliest day yet: 938 coronavirus deaths
Wed, Apr 8, 2020 3:54 PM
The latest UK numbers: When the mortality rate is 11.7%, it's safe to assume there are many cases going undetected. The pound has come off the highs of the day on these headlines. The UK is getting hit very hard right now.
Bernie Sanders to suspend Presidential campaign
Wed, Apr 8, 2020 3:21 PM
Campaign releases a statement Bernie is out of the race for the Democratic nomination. He will address supporters at 11:45 am ET (in about 20 minutes). At this point he didn't have a path to victory but this will sharpen the focus on Biden vs Trump.
US weekly EIA oil inventories +15177K vs +9250K expected
Wed, Apr 8, 2020 2:30 PM
Weekly petroleum inventories That's a lot of oil going into storage in two weeks and Saudi cargoes are just starting to land. The implied demand number is important because it shows we're at about 66% of normal. If you expand that globally, it puts total demand at 68 mbpd compared to 104 mbpd normally, which is
US weekly oil inventories are coming up at the bottom of the hour
Wed, Apr 8, 2020 2:09 PM
The glut continues to build WTI crude has bounced 5% after a swift, 9% decline yesterday on a technical break of $26.00. There's a sign of a double bottom at $23.50 but it's tepid and the intraday high of $25.29 is the spot to watch.
USD/JPY isn't sure which way it wants to go
Wed, Apr 8, 2020 1:45 PM
Pop quickly drops The better tone in risk assets and oil isn't helping USD/JPY. The pair jumped to 109.10 but has now reversed back down to 108.75. What's unfolding is a wave of broad US-dollar selling.
Mnuchin: We hope to tell small businesses we won't run out of money
Wed, Apr 8, 2020 1:24 PM
Comments from Mnuchin The $350B small business lending program will undoubtedly run out of money, because it's not a loan, it's a giveaway and free money is very popular. There was talk about tacking on $200B in a quickie bill in Congress but there are now signs that Democrats want a bigger bill that will include
Corporate guidance will be increasingly important to the broader market
Wed, Apr 8, 2020 1:09 PM
McDonald's out with a warning We're nearing earnings season and that's when we're going to get some real-time commentary from executives on the impact of COVID-19.
WTO says global goods trade will fall 13-32% on coronavirus
Wed, Apr 8, 2020 1:02 PM
That's a big drop Those are frightening numbers. ForexLive
Australia passes $80 billion jobs-rescue package
Wed, Apr 8, 2020 12:51 PM
That's $130B in AUD Australia's package is subsidizing wages and means the government will pay wage subsidies of A$1500 biweekly. It's equivalent to 70% of the median wage and can be paid for six months.
Audio recap: Optimism is a hard sell these days
Wed, Apr 8, 2020 12:40 PM
What's moving markets today Clearly, there's still a whole lot of worry associated with the coronavirus, despite positive headlines this week. While there have been some signs of reduction in death toll in various hotspots, these signs aren't reliable enough as far as conclusive evidence goes.
Canada February building permits -7.3% vs -4.0% expected
Wed, Apr 8, 2020 12:30 PM
Canada building permits data for Feb 2020 February data doesn't matter but in a few weeks we'll be into March numbers and beyond. That's when it starts to get very interesting.
Canada March housing starts 195.2K vs 172.5K expected
Wed, Apr 8, 2020 12:14 PM
Canadian housing starts data from the CMHC ForexLive
ForexLive European FX news wrap: EU ministers fail to agree on virus rescue plan
Wed, Apr 8, 2020 12:07 PM
Forex news from the European trading session - 8 April 2020 Headlines: Markets: - GBP leads, EUR lags on the day - European equities lower; E-minis up 0.5%
UK PM spokesman: Boris Johnson is stable and responding to virus treatment
Wed, Apr 8, 2020 11:55 AM
Comments by UK PM spokesman, James Slack But the takeaway I guess is that the update is not pointing to anything worse. Then again, the silence among the UK press/media is a bit too still for what is usually a nosy bunch. So, make what you will of the recent headlines.
Democrats seeking at least $500 billion in next stimulus bill
Wed, Apr 8, 2020 11:36 AM
Pelosi, Schumer says will move to pass another bill with broader relief measures after Congress passes interim emergency coronavirus bill - To seek $250 billion in assistance to small businesses They also say that the proposed bill will seek additional support for families with a 15% inrease to the maximum snap benefit.
EU's Barnier: Will speak to UK's Frost next week to organise upcoming negotiation rounds
Wed, Apr 8, 2020 11:31 AM
A tweet by EU chief Brexit negotiator, Michel Barnier Today, my team & I spoke to prepare the weeks ahead. Our work @EU_Commission continues, even though we are living through difficult times. Next Wednesday, I will speak to @DavidGHFrost to organise upcoming negotiation rounds. Barnier was tested positive for the coronavirus
NY mayor de Blasio: The rate of people needing ventilators is declining
Wed, Apr 8, 2020 11:13 AM
Comments by New York mayor, Bill de Blasio - Now we have enough ventilators to get through the week - There is no question the virus is driving a spike in deaths at home ForexLive
US MBA mortgage applications w.e. 3 April -17.9% vs +15.3% prior
Wed, Apr 8, 2020 11:00 AM
Latest data from the Mortgage Bankers Association for the week ending 3 April 2020 - +15.3% - Purchase index 185.9 vs 211.7 prior - Market index 718.2 vs 874.6 prior Although refinancing activity also dropped a little, purchases continue to dwindle further with the index falling to its lowest level since October 2015. That underscores the impact that the