Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
April 16: market in focus
Let’s see what’s moving the market today in different countries.
US dollar keeps safe-heaven status
Yesterday after the release of the poor retail data the US dollar price went up due to its safe-heaven status. EUR/USD, GBP/USD, AUD/USD – all dropped. Retail sales slumped by 8.7%, while only 8% decline was anticipated. It is the largest decrease in history. For comparison, this indicator fell by 2.8% during the crisis of 2008. That means that the coronavirus damage is terribly profound and long-standing.
Apple launches new IPhone SE
Apple released the new IPhone SE, its first low-cost device for four years. And, by that, the company proved that it is still sustainable even amid the coronavirus and its factories in China are back to work. Perhaps the Apple’s stock will continue its steady way up.
Chinese GDP is coming up on Friday
Most economists believe the Chinese gross domestic product data will show tomorrow its historic decline by 6.2%, while others think it may fall even by 11%. Also, retails sales and industrial output data will be reported too. So, we can see the full picture happening in China.
Germany is easing restrictions slowly
German Chancellor Angela Merkel declared that the country starts to come back to the normal life. She will allow to reopen some small shops next week and schools - in May. Germany car giants will soon start working too. However, some restrictions will still take place as crowded events will be banned and restaurants, bars and gyms will remain closed. However, the Germany’s economy is still struggling from the virus damage. According to the economy ministry, the recession will last until summer, but it will rebound in the second half of the year.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Jump in to know the latest market news and trade ideas for today!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.