EU and US equities rebounded yesterday after US President Trump said that Saudi Arabia and Russia are expected to agree on oil production cuts of up to 10-15mn bpd. Oil prices recorded their biggest daily percentage gains in history, but during the Asian morning today, they retreated. As for today, investors may pay attention to the US jobs data for March, as well as to the ISM non-manufacturing index for the same month.
OIL PRICES RALLY ON TRUMP’S REMARKS
The dollar traded higher against all but two of the other G10 currencies on Thursday and during the Asian morning Friday. It gained the most versus EUR, SEK and CHF in that order while it lost some ground versus CAD. The greenback was found virtually unchanged against NOK.
USD performance G10 currencies
The fact that the greenback continued to strengthen suggests that market participants remained concerned with regards to the economic damages caused by the fast spreading of the coronavirus. Indeed, after the initial jobless…