On Thursday US futures trading lower, the traders and investors are waiting for actual passing of US 2 trillion stimulus bill. The US Senate has passed the bill on Wednesday; it awaits expected passage by the US House and signing by President Donald Trump.
On Wednesday US equities climbed second straight day of gains after the largest one-day rise in the Dow Jones the previous day since 1933. While Asian stock markets are trading higher on Thursday. The investors await the passage of a $2 trillion stimulus package in the U.S. to combat the economic impact of the coronavirus pandemic.
Crude Oil prices trading slightly weaker on Thursday. On Wednesday EIA report in the US session. According to government data, crude stockpiles in the US rose by 1.6 million barrels during the previous week, rising for the ninth straight week even amid falling demand.
GBP/USD ignored weak retail sales data and trading slightly higher ahead of BOE rate decision. UK Retail sales dropped 0.3 per cent on a monthly basis in February, in contrast to a 1.1 per cent rise in January and confounding expectations for an increase of 0.2 per cent.
Gold is trading weaker early on Thursday as investors focused on the US government gets ready to announce its fiscal stimulus package to offset some weakness in the economy.
The important economic event for today weekly U.S. jobless claims scheduled to be released later in the day. This will be the first data points to reflect the impact of the coronavirus outbreak. The expectation is that there will be a surge higher – with analysts looking for upward of 1 million people in need of assistance U.S. Federal Reserve Chairman Jerome Powell is also due to appear on NBC television around 1100 GMT.
Coronavirus Update: British Prime Minister Boris Johnson imposed a nationwide lockdown by which it has collectively shut down cafes, pubs, bars and restaurants, while the finance minister recently announced that the government would pay 80% of wages for employees unable to work — up to 2,500 pounds/month. The global death toll topped 20,000, with Spain reporting 3,434 deaths, surpassing the toll in China.
GOLD: The precious metal trading above the psychological $1600 on Thursday. Any break below $1600, the next important support to watch $1590 and on the other side break above $1620 will open $1635.
Quote of the day: To make money in stocks you must have the vision to see them, the courage to buy them and the patience to hold them – Warren Buffet.