Forex Today: Markets shrug off horrible US jobs data, Bitcoin tumbles ahead of halving, lockdowns eyed


Here is what you need to know on Monday, May 11:

The week has kicked off where it ended, with cautious optimism in stocks, a marginally weaker dollar and only oil prices are on the back foot. Bad news seems to be priced in.

 

Coronavirus: Total confirmed cases have surpassed four million cases, with figures falling in Europe but flare-ups reported in South Korea and a new cluster in Wuhan, China. US infections remain elevated outside the New York area. 

America lost over 20 million jobs in April, within expectations, and the Unemployment Rate hit 14.7% as of mid-April, with employment losses reaching even the healthcare sector. The labor situation may get worse. The devastating figures were shrugged off by markets. Fresh consumer figures for April stand out later in the week. 

See US Non-Farm Payrolls Quick Analysis: When the worst sends markets higher

President Donald Trump reiterated his urge to return to normal while the disease has reached the White House with several cases reported among staff. Vice President Mike Pence is working out of the White House. 

Europe: France, Spain, and other countries are taking additional steps to ease the lockdowns as COVID-19 statistics improve across the continent. German's Reproductive rate (R) has topped 1 and caused some worried.

The European Commission is threatening to sue Germany over the country's constitutional court ruling that parts of the European Central Bank's bond-buying scheme is illegal. ECB President Christine Lagarde committed to doing whatever is necessary. EUR/USD is stable around 1.0850. 

UK: Prime Minister Boris Johnson announced a minor easing of the lockdown with further steps to conditionally come in June and July. His message was criticized by various groups and more clarity may come later in the day. Brexit talks resume as the EU accuses Britain of slow-walking topics that matter to Brussels while urging progress on others. GBP/USD has stabilized.

The Australian and New Zealand dollars are edging up amid the upbeat mood while the Canadian dollar is little changed as crude prices tick down. 

Cryptocurrencies: Bitcoin fell sharply over the weekend, nearing $8,000 before stabilizing above $8,500. Traders are awaiting the all-important "halving" event which will see new BTC produced at 50% of the previous rate. 

More Bitcoin points to $10450, awaiting the Halving

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bears stepping in below 1.1600, focus on ECB, US GDP

EUR/USD remains under pressure below 1.1600, as the US dollar extends the late Wednesday bids amid broad risk-aversion. Traders turn cautious amid stagflation fears and ahead of Thursday's ECB policy decision and the US Q3 GDP release. 

EUR/USD News

GBP/USD: Sellers attack 50-DMA on monthly support break

GBP/USD prints a three-day downtrend following the key support break, pressured around 1.3740 during the early Asian session on Thursday. The cable pair broke an ascending support line, now resistance, from September 30 the previous day but refrained from closing below 50-DMA.

GBP/USD News

Gold remains pressured near $1,800 amid USD recovery

Gold prices surrender the previous session's gains and struggle to defend the $1,800 mark. The US 10-year Treasury yields rebound from the early lower levels to trade at 1.55%, following the upcoming BOJ and the ECB policy meetings on the day.

Gold News

Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

Shiba Inu (SHIB) continued its march upward on Oct. 27, with its price hitting a record high of nearly $0.000060 before correcting lower. SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance.

Read more

BOJ Preview: Focus on outlook tweaks ahead of general election Premium

Despite the recent depreciation in the yen and rising energy prices, the Bank of Japan (BOJ) is likely to maintain its monetary policy settings on Thursday, as it concludes its two-day monetary policy review meeting.

Read more

Forex MAJORS

Cryptocurrencies

Signatures