Forex Market News: Friday’s news digest – FBS

Let’s see what drives the market on April 24.

US coronavirus aid package

There are good and bad news from the US. The bad one is that 4,427,000 Americans lost jobs. In total nearly 26 million people were fired because of the coronavirus. The good one is the 484-billion-dollar aid package was sent to those, who are struggling the most, small businesses and hospitals. It was the fourth relief package during the coronavirus crisis, their total sum passed 3 trillion dollars.

Oil climbed a little after dramatic fall

The WTI oil price rebounded to its previous level near $16 per barrel after its historic drop below zero. However, it will be a long way up to the pre-crisis price with the present massive glut and no visible rise in the demand side.

Stocks drop

European stocks slumped as the region’s leaders couldn’t come to the same opinion about how to mitigate the coronavirus impact in the long-term. Also, we have seen a slowdown in a global stock rally. It’s happened because the sentiment on the market is really negative these days. One of the reasons was  that Gilead Sciences Inc.’s antiviral drug failed it first randomized clinical trial. As a result, all the hopes and dreams for the recovery disappeared.

UK retail sales drop

The monthly UK retail sales dropped dramatically by 5.1%. It was the largest fall over 30 years since records began. Most analysts anticipate the indicator to decline further in April by 20-30%. GBP is under the huge pressure now.

German Ifo Business Climate Index slump

The Ifo Business Climate indicator for Germany declined to 74.3 below expectations of 80. It is the historic low. The coronavirus spares no one, it stroke even the most sustainable and reliable German economy. EUR shouldn’t fall significantly but the short contraction could be.

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