Last session market review
U.S. stocks fell across the board, with the dollar index nudging close to 100 on profit-taking for spot gold at one point approaching $1,705 and U.S. crude oil futures closing at their lowest level since early 2002.
On Thursday, the focus will be on data such as the U.S. housing market and housing starts, comments from federal reserve governors James bostick, James daley and William Williams, and OPEC’s monthly oil market report.
Fx: eur/usd 1.0908; The pound closed at 1.2520; The Australian dollar closed at 0.6318; The dollar closed at 107.47 yen; Us $1.4107; The dollar was last at 0.9644 Swiss francs.
Commodities: spot gold closed at $1,715.87 an ounce; Comex gold ended at $1,740.20 an ounce; Spot silver settled at $15.44 an ounce; Comex silver ended at $15.505 an ounce; Brent crude settled at $27.69 a barrel; NYMEX crude settled at $19.87 a barrel.
In the currency market
Euro: the euro/dollar reversed losses to close at 1.0908, down 0.64%. On the technical level, the pivot point of the currency pair is at 1.0919, the initial resistance to the upward movement of the exchange rate is at 1.0981, the further resistance is at 1.1052, and the key resistance is at 1.1114. The initial support of the exchange rate down at 1.0848, further support at 1.0786, more critical support at 1.0715.
Sterling: The pound fell against the dollar for the first time in three days, closing at 1.2520, down 0.8%. On the technical level, the pivot point of the currency pair is 1.2528, the initial resistance to the upward trend of the exchange rate is 1.2617, further resistance is 1.2720, and the key resistance is 1.2809. The initial support of the exchange rate down at 1.2426, further support at 1.2336, more critical support at 1.2234.
Yen: dollar/yen turned higher, up 0.25% to 107.47. On the technical level, the pivot point of the currency pair is 107.39, the initial resistance to the upward trend of the exchange rate is 107.87, the further resistance is 108.32, and the key resistance is 108.79. The initial support of the falling exchange rate is at 106.94, further support at 106.47, more critical support at 106.02.
The stock market
Us stocks fell sharply on Wednesday, with the dow Jones industrial average falling 445.41 points, or 1.9%, to 23504.35, as weak economic data and weak bank results added to concerns about the impact of a new outbreak on the us economy. The s&p 500 fell 2.2% to 2,783.36; The nasdaq composite index closed down 1.4% at 8,393.18. Both the dow and the s&p 500 recorded their biggest one-day declines since April 1. In the previous session, U.S. stocks rose sharply, with the dow up more than 500 points, or 2.4%, and the s&p 500 up 3.1%.
The bond market
The latest economic data underscore the devastating impact of the new outbreak on the U.S. economy. Treasury yields fell sharply on Wednesday as investors made a historic stampede into the bond market. The benchmark 10-year Treasury yield, which hit a record low of 0.318% in early march, fell 10 basis points to 0.64%. The 30-year Treasury yield fell about 13 basis points to 1.27 per cent. The two-year yield fell to a low of 0.195 per cent, its lowest level since September 2011. Wednesday saw auctions of $30 billion in 103-day bills and $30 billion in 154-day bills.
International spot gold started at $1,726.34 an ounce on Wednesday morning, rising as high as $1,730.80 an ounce and dipping as low as $1,707.09 to close at $1,715.87, down $10.61, or 0.61 percent.
COMEX June gold futures closed down 1.6 percent at $1,740.20 an ounce.
For Saudi Arabia to buy the crude oil refinery offers generous credit terms, and offered a big discount to its Asian customers, together with the United States energy information administration (EIA) announced on Wednesday evening last week, crude oil and refined oil inventories increased dramatically weigh on the oil market, oil prices on Wednesday (April 15) continuation of the previous session, the U.S. WTI crude oil futures closed down May 24 cents, or 1.1%, to $19.87 a barrel, WTI plate once hit $19.21 a barrel in 18 years low; Brent crude for June delivery fell $1.91, or 6.45%, to $27.69 a barrel. Brent crude fell 48 percent last month and 61 percent in the first quarter.