Dow logs back to back gains

US stock market posted back to back gains on Wednesday. However indexes ended off daily maximums as few Senators said they wanted amendments to be made to $2 trillion economic rescue package before they would vote for it. The S&P 500 gained 1.2% to 2475.56. The Dow Jones industrial average rose 2.4% to 21200.55, first back to back gain since February 6. Nasdaq however slipped 0.5% to 7384.30. The dollar weakening continued despite report the durable goods orders jumped 1.2% in February when 1% decline was expected. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.6% to 100.99 and is lower currently. The Senate passed the coronavirus bill later Wednesday, which is expected to provide $1,200 direct payments to many Americans, offer more than $360 billion in loans to small businesses and $500 billion to industries, cities and states. Futures point to lower market openings today.


CAC 40 led European indexes advance

European stocks also booked successive gains on Wednesday despite weak economic reports. The EUR/USD and GBP/USD continued their climbs yesterday, with both pairs higher currently. The Stoxx Europe 600 ended up 2.5% led by energy shares. Germany’s DAX 30 added 1.8% to 9874.26 despite an Ifo Institute for Economic Research report the business sentiment in Germany suffered its steepest fall in March since the country’s reunification in 1990. France’s CAC 40 advanced 4.47% while UK’s FTSE 100 rose 4.45% to 5688.20 as consumer inflation ticked lower to 1.7% in February from 1.8% in January.


Australia’s All Ordinaries Index up while Asian indexes slump

Asian stock indices are mixed today after Dows first back-to-back gain in 7 weeks overnight. Nikkei fell 4.5% to 18664.60 as yen accelerated its climb against the dollar. Markets in China are falling: Shanghai Composite Index is 0.6% lower while Hong Kong’s Hang Seng Index is down 1.2%. Australia’s All Ordinaries Index however rose 2.3% despite Australian dollar’s resumed climbing against the greenback.



Brent down after ninth weekly build in US crude inventory

Brent futures prices are pulling back today. Prices rose yesterday as the Energy Information Administration reported US crude oil inventories rose by smaller than expected 1.6 million barrels last week, nineth weekly rise in a row: May Brent added 0.9% to $27.39 on Wednesday.


Gold edges down despite weaker Dollar

Gold prices are extending losses today after a retreat on Wednesday. April gold price of an ounce of gold fell 1.7% to $1633.40 on Wednesday.



Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD extends slump after NFP shows massive job loss

EUR/USD is trading below 1.08, down on the day. The Non-Farm Payrolls report has shown a loss of 701,000 jobs, worse than expected. The ISM Non-Manufacturing PMI surprised to the upside with 52.5 points. 


GBP/USD drops below 1.23 amid sour mood, after UK data

GBP/USD has dropped below 1.23 as the market mood sours. Final UK Services PMI dropped to 34.5 points, worse than expected.  


NFP Quick Analysis: 701K jobs lost only be tip of the iceberg, why King Dollar is ready for coronation

The US lost 701,000 jobs in March, the worst in 11 years. The Non-Farm Payrolls figures are lagging the fast-moving events. Wage growth is also skewed and should be ignored. The safe-haven dollar has room to rise. 

Read more

WTI trades in three-week’s highs near $26.50 a barrel

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

Oil News

Gold remains confined in a range, moves little post-NFP

Gold extended its sideways consolidative price action around the $1615 region and had a rather muted reaction to the US monthly employment details

Gold News

Forex Majors