Forex Today: Chinese GDP to shake the basements
|What you need to know on Friday, April 17th:
- One of the most important events of the week will take place during the upcoming Asian session. China will publish its Q1 GDP, foreseen at -6.5%. Although the market has always doubt about Chinese official figures, it has traded accordingly. The number is expected to reflect the worst of the coronavirus pandemic in the country. The country will also publish March Industrial Production and Retail Sales.
- The American Dollar was the best performer this Thursday, surging to fresh weekly highs against its European rivals. Sentiment remained sour amid fears of a global recession.
- Signs of flattening coronavirus-related curves have continued to come from Europe, while Germany is discussing an exit strategy to its lock-down. However, the UK has extended it for at least three more weeks, as authorities considering they are going through the peak of the pandemic.
- The situation remains the worst in the US, now the epicentre of the pandemic as the death toll in the country is close to 31,000. Nevertheless, US President Trump said the country has “passed the peak” and insisted the US would reopen soon.
- The greenback shed some ground ahead of the close, but the EUR/USD pair closed below 1.0900 while GBP/USD settled around 1.2450.
- Safe-haven gold and yen saw little intraday change, having spent most of it in consolidative mode against the greenback.
- US Treasury yields continued to fall, with the yield of the 10-year note down to 0.59%.
- Crude oil prices remained depressed amid supply largely surpassing demand and the OPEC cutting its demand forecast for this year and the next one.
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