Market crash, dollar surge, are only the beginning If leaders fail to act

FXStreet Team FXStreet

Coronavirus is spreading and the world's leaders seem to be failing to calm the public and markets. Joseph Trevisani and Yohay Elam run through the recent extraordinary developments, from President Donald Trump's address to the European Central Bank's actions, and asses the next market moves.

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD turns lower toward 0.7000 after mixed Australian jobs data

AUD/USD is losing ground toward 0.7000 in the Asian session on Thursday, following the release of the Australian August jobs report, which showed that the Unemployment Rate rose to 4.6% versus 4.5% expected, while Employment Change beat estimates, arriving at 39.5K. Traders also remain unnerved ahead of the critical Trump-Xi meeting.

USD/JPY keeps the red near 158.00 as Japanese Yen firms up

USD/JPY retreats from three-week highs and holds losses near 158.00 in the Asian session on Thursday. Surging Japanese bond yields lift the Yen amid looming intervention risks, while the US Dollar preserves overnight gains to a two-month high amid hawkish Fed bets and elevated US bond yields.

Gold consolidates below $4,300 as bears await Trump-Xi meeting

Gold struggles below $4,300 during the Asian session on Thursday and seems vulnerable amid a bearish fundamental backdrop. US bond yields rallied to fresh multi-year highs amid rising Fed rate-hike bets, helping the US Dollar preserve Wednesday’s strong gains to a nearly two-month high and undermining the non-yielding bullion. Bears, however, seem hesitant ahead of the Trump-Xi meeting.

Bitcoin rallies above major cost bases as bulls eye $96K resistance

Bitcoin (BTC) has moved above several cost bases, strengthening the structure of its recent recovery as selling pressure remains relatively subdued. In a report on Wednesday, Glassnode stated that Bitcoin’s latest move is notable because the top crypto has recovered above the True Market Mean at roughly $77,000 and the Short-Term Holder (STH) Cost Basis.

Oil price rise weighs on stocks

Rising oil prices and higher yields have thrown the equity rally off track. After the risk-on start to the week renewed gains for oil prices and yields have weighed on indices.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.