Asian equity markets rose on Friday following more liquidity boosting measures from China's central bank and record U.S. gains overnight.
Late on Thursday, the People's Bank of China cut the 14-day repo rate by 20 basis points to 3.5 percent in attempt to ease short-term borrowing costs for banks. Traders also said the PBOC injected $1.3 billion into money markets this week. The move comes days after the PBOC was believed to have pumped $81 billion into China's top five banks.
Record peaks on the S&P 500 and the Dow Jones overnight also boosted sentiment after the number of Americans filing for jobless benefits dropped to a two-month low and as investors continued to relish the Federal Reserve's vow to keep benchmark rates low.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of US jobs report
EUR/USD stays in a consolidation phase above 1.0700 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.