Daily Fundamental Analysis 01 April 2020

Daily Fundamental Analysis by MultiBank Group

Market Briefing

U.S. President Donald Trump called on Congress to provide $2 trillion for U.S. infrastructure, seizing on the coronavirus outbreak to try once again to advance one of his longest-standing priorities.
Euro-area inflation slowed to its weakest pace in five months driven by a collapse in global oil prices. The softness in price growth is likely to deepen further in the coming months as restrictions imposed to slow the spread of the coronavirus pandemic bring activity across the 19-nation economy into a standstill.
The Federal Reserve, in its latest response to strains caused by the coronavirus pandemic, has opened a temporary repurchase agreement facility for foreign central banks to support the smooth functioning of financial markets. The program will allow participants to temporarily exchange U.S. Treasuries for dollars, which can then be made available to institutions in their jurisdictions, the Fed said in a statement Tuesday.
U.S. stocks fell, with the S&P 500 on track for its worst quarter since 2008 as investors debate whether the market meltdown has ended given the continued spread of the new coronavirus. The S&P 500 turned lower in the afternoon session, led by banking and technology shares.
The coronavirus pandemic’s economic fallout could cause China’s growth to come to a standstill while driving 11 million more people in East Asia into poverty, the World Bank warned on Monday. The pandemic is causing “an unprecedented global shock, which could bring growth to a halt and could increase poverty across the region,” said Aaditya Mattoo, World Bank chief economist for East Asia and the Pacific.
EUR/USD is trading around 1.10, down as money managers adjust their portfolios as a turbulent quarter nears an end. US CB Consumer Confidence beat expectations.
GBP/USD has surged above 1.24 in volatile end-of-quarter trading. The number of UK coronavirus deaths has climbed above 1,600 according to the latest figures.
Crude oil dropped to its lowest level in more than 18 years on Monday at $19.25 before staging a rebound on Tuesday.

Today's News

Server Time HK Time Currency Description Expectation
15:15 20:15 USD ADP Non-Farm Employment Change -150 K
17:00 22:00 USD ISM Manufacturing PMI 45.00

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