Currency Market Analysis

Apr 20, 2020 | Currency Market Analysis

Global Themes

Greenback slips as Dow ends Friday at six-week highs

The USD was mostly weaker on Friday as a 3.0% jump in the US’s Dow Jones index boosted sentiment into the close of the week.

US shares were boosted by hopes around an existing drug, Remdesivir, that was reported to have positive results on

COVID-19 symptoms.

The Dow was also helped after airplane-maker Boeing announced it would re-start operations in Washington state this week.

Euro at lows

The euro and Japanese yen both weakened.

The Australian dollar was higher

PBOC in focus

This morning focus is on the Peoples Bank of China and their monthly loan prime rate.

The PBOC is expected to lower the one-year rate from 4.05% to 3.85%.

The RBA minutes are due tomorrow morning while governor Philip Lowe presents a speech titled “Economic and Financial Update” tomorrow afternoon.

The global manufacturing PMI numbers – a key, up-to-date measure of activity – are due on Friday.

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