Last session market review
The index rose to 100.56 on Thursday, but then retreated and ended up at 100.29. Spot gold rose all the way up, hitting a high of $1,736.10 an ounce; U.S. stocks staged a v-shaped reversal, the dow’s biggest since March 19.
On Friday, watch U.S. retail sales and the university of Michigan’s consumer confidence index, the euro zone’s revised first-quarter annualized gross domestic product and the revised trade account for the march quarter.
Fx: euro/dollar at 1.0804; Sterling/dollar closed at 1.2220; The Australian dollar closed at 0.6459 against the U.S. dollar. The dollar was at 107.24 yen; Us dollar/Canadian dollar at 1.4050; The dollar was at 0.9730 Swiss francs.
Commodities: spot gold closed at $1,730.18 an ounce; Comex gold ended at $1,740.90 an ounce. Spot silver settled at $15.87 an ounce; Comex silver settled at $16.156 an ounce; Brent crude closed at $31.13 a barrel; NYMEX crude settled at $27.56 a barrel.
In the currency market
Euro: the euro fell for a second day, or 0.13%, to 1.0773, as the dollar extended its gains. On the technical level, the pivot point of the currency pair is at 1.0801, the initial resistance to the upward movement of the exchange rate is at 1.0827, the further resistance is at 1.0850, and the key resistance is at 1.0876. The initial support for the fall in the exchange rate is at 1.0777, further support at 1.0751, more critical support at 1.0728.
Sterling: the pound fell for the fourth day in a row, down 0.07% at 1.2220. On the technical side, the pivot point of the currency pair is at 1.2210, the initial resistance to the upward movement of the exchange rate is at 1.2254, the further resistance is at 1.2286, and the key resistance is at 1.2330. The initial support for the decline of the exchange rate is at 1.2178, further support is at 1.2134, more critical support is at 1.2102.
Yen: the dollar rose for the first time in three days to close at 107.24, up 0.21 percent. On the technical level, the pivot point of the currency pair is 107.12, the initial resistance to the upward movement of the exchange rate is 107.46, the further resistance is 107.71, and the key resistance is 108.06. The initial support for the decline of the exchange rate is at 106.87, further support is at 106.52, more critical support is at 106.27.
The stock market
U.S. stocks rebounded on Thursday after gains in banking and energy stocks offset the latest U.S. unemployment data. The dow Jones industrial average ended up 377.37 points, or 1.6%, at 23,625.34, ending a three-day losing streak. At one point, it was down more than 450 points; The s&p 500 rose 1.15% to 2,852.50. The nasdaq composite index rose 0.9% to 8943.72. The s&p 500 and nasdaq were both down more than 1 percent.
European stocks fell sharply on Thursday, with all sectors and major indexes ending lower as investors digested federal reserve chairman Jerome Powell’s economic warning and hope to fade that the COVID-19 crisis will soon be over. The pan-European Stoxx 600 index closed down 7.26 points, or 2.17 percent, at 326.71, led by auto shares, which fell 2.9 percent. Germany’s DAX index closed down 210.06 points, or 1.99 percent, at 10,332.60. Britain’s FTSE 100 index closed down 162.25 points, or 2.75 percent, at 5,741.80. France’s cac-40 index closed down 71.82 points, or 1.65 percent, at 4273.13. Spain’s IBEX35 index closed down 85.90 points, or 1.30 percent, at 6,545.50. Italy’s FTSE closed down 313.94 points, or 1.83 percent, at 16,869.50. The Stoxx Europe 50 index closed down 52.00 points, or 1.85 percent, at 2,758.55.
The bond market
Treasury yields fell after the labor department’s jobs report: the yield on the benchmark 10-year Treasury note fell to 0.6202 per cent, while the yield on the 30-year fell to 1.3157 per cent.
International spot gold Thursday morning, the city opened at $1714.86 / oz, the highest rise to $1736.10 / oz, the lowest touched $1709.55 / oz, closed at $1730.18 / oz, up $14.68, or 0.86%.
COMEX June gold futures closed up $24.50, or 1.4 percent, at $1,740.90 an ounce.
The international energy agency’s forecast of a recovery in oil demand boosted sentiment, pushing oil back into positive territory on Thursday: U.S. WTI crude for June delivery ended up $2.27, or 9 percent, at $27.56 a barrel. WTI rose 25 per cent last week; Brent crude for July delivery closed up $1.94, or 6.6 percent, at $31.13 a barrel.