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Currency Market Analysis

Apr 17, 2020 | Currency Market Analysis

Global Themes

Greenback slips on drug hopes

The US dollar was weaker this morning on news that US biotechnology firm Gilead had promising results from drug trails to treat COVID-19.

The company’s drug Remdesivir was reported to have been effective in treating some symptoms in patient trials in Chicago.

The news was reported after US sharemarkets closed but Dow futures contracts jumped more than 3.5%.

AUD higher

The Australian dollar was higher thanks to a much stronger than expected employment report yesterday.

The March employment report found 5.9k jobs were created in Australia last month defining expectations for a 40k fall.

The euro and Japanese yen both slipped.

China GDP

Today’s market is looking to Chinese March-quarter GDP with market forecasts expecting an incredible 6.2% fall in annual terms.

The markets will also be looking to industrial production

and retail sales numbers.

China, the first country to suffer from the impacts of coronavirus, will be closely watched as a guide for other nations’ economic outlook.

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