Countries around the world planning to reopen businesses and get their economies back on track. Spain plans to start easing restrictions on Sunday and Italy on May 4. France will announce its plans next month. New York may start reopening manufacturing and construction after May 15, Governor Andrew Cuomo said.
Asian shares bounced on Monday as the Bank of Japan (BOJ) announced more stimulus steps to help cushion the economic impact of the coronavirus. The Nikkei225 finished the day much higher up 2.71%
The price of a barrel of US oil fell by 9% on Monday in the Asian markets and Brent oil fell 3.2% to $ 20.75. According to latest estimates expect global oil demand to reduce by at least 30% this year.
AUD/USD is up to its highest levels since 12 March at around 0.6463 while EUR/USD has recovered from one-month lows on Friday to around 1.0850 now.
Gold prices fell on Monday as equities gained on improved risk appetite boosted by fresh stimulus from the Japanese central bank and countries planned easing of coronavirus-led lockdowns.
Prime Minister Boris Johnson returned to work on Monday after recovering from COVID-19. He has said that coronavirus is the single biggest challenge this country has faced since the war.
This week there are lot important economic events including FOMC meeting and the ECB interest rate decision. It will be one of the busiest weeks there are 173 companies in the S&P 500 will report earnings this week, including Apple, Amazon, Facebook, Microsoft, Caterpillar, Ford, General Electric and Chevron.
Coronavirus Update: Russia has reported 6,198 new confirmed coronavirus cases versus 6,361 on the previous day, which took the national tally of infections to 87,147. In France, 242 losses of life were reported on Sunday, the lowest in more than a month. Meanwhile, Germany confirmed 110 deaths on Monday, the lowest since mid-March. Death toll in India rose to 872, while COVID-19 cases climbed to 27,892, as per health ministry data.
GOLD: The gold price started this week with a bearish note, currently the pair trading below $1720.
The important levels to watch for today: Support- $1708 and $1700 Resistance- $1738 and $1750.
EUR/USD: The pair recovered from the last week low and currently trading above 1.0840 against the dollar.
The important levels to watch for today: Support- 1.0810 and 1.0770 Resistance- 1.0880 and 1.0910.
Quote of the day: People need to have the incentive that if they invest and succeed, they can make a fair profit. Otherwise, they will stop investing- Steve Jobs.