Gold back above 1690! The US key data with the British bank resolution to attack! Outbreak update: the cumulative number of confirmed cases in the United States exceeded 1.26 million!

On Thursday, the dollar index was little changed, trading around 100.20. Spot gold, on the other hand, has rebounded after falling more than $20 on Wednesday and is now back above $1,690 an ounce. Late Thursday, investors will welcome U.S. jobless claims data, which is expected to guide the dollar and gold. In addition to the us data, investors will also be looking at the bank of England’s monetary policy decision, which could affect sterling. In terms of the global epidemic, the global cumulative number of confirmed COVID 19 cases has exceeded 3.82 million, among which the cumulative number of confirmed cases in the United States has exceeded 1.26 million.

U.S. jobless claims data

At 20:30 Beijing time on Thursday, investors will be greeted by U.S. jobless claims data. Initial U.S. claims for jobless benefits are expected to be 3 million in the week ended May 2, according to a respected media survey.

New claims for state unemployment benefits rose to 3.838 million in the week ended April 25 from 4.427 million, above expectations of 3.5 million, labor department data showed on Thursday.

Kathy Lien, managing director of BK asset management, wrote on Wednesday that U.S. jobless claims due on Thursday, when they exceed 3.8 million, will drag the dollar lower against the yen.

Analysts said gold could get a boost if the latest U.S. preliminary data on Thursday came in worse than expected, which could spark safe-haven buying.

Initial claims are expected to remain in the millions for weeks as the effects of a novel coronavirus filter through the economy.

“Claims will be the most timely hard data to assess the extent of the recession and capture the start of the recovery,” Goldman sachs analysts said in a recent note to clients.

Job losses in the United States are likely to rise further as the new outbreak shuts down businesses, and analysts expect the downward trend to continue into the third quarter.

Bank of England decision

At 14:00 Beijing time on Thursday, the bank of England will release its interest rate decision, minutes of its meeting and monetary policy report. This is the second meeting of bank of England governor bailey.

The bank of England is widely expected to keep interest rates on hold while maintaining its current bond purchases.

Andrew Bailey, governor of the bank of England, will hold a press conference at 17:00 Beijing time on Thursday.

Kathy Lien, managing director at BK asset management, wrote that while our eyes are always on the dollar, Thursday’s main focus should be the bank of England’s monetary policy statement and quarterly inflation report. The bank of England is widely expected to keep interest rates and quantitative easing on hold after responding to two rate cuts by novel coronavirus and launching a bond-buying program. That means the focus will be on their quarterly inflation report.

The bank of England is widely expected to warn that the economic damage has been severe, but it is not expected to issue forecasts, setting different scenarios for growth and inflation depending on the length of the blockade.

Lien said there was no doubt that the bank of England would need to expand its quantitative easing program later this year, and that sterling trading would depend on boe governor bailey’s stance on further easing.

Gold is back above 1690

Gold fell more than 1 percent on Wednesday as investors’ appetite for risk gradually improved as the dollar strengthened and countries began to loosen restrictions on novel coronavirus. Gold prices were also hit by expectations that gold supplies would increase when gold refineries resumed operations.

The dollar rose to 100.21 on Wednesday, its highest level in more than a week. In early Asian trading on Thursday, the dollar index extended gains, hitting as high as 100.25.

“The lack of jewellery demand, combined with very positive sentiment from equity markets as the economy reopens, has weighed on gold prices,” said commerzbank analyst Eugen Weinberg.

Spot gold fell as low as $1682.10 an ounce in midweek trading to $1684.50, down $20.20 or 1.18 percent.

In Asian trading on Thursday, spot gold rebounded, breaking through the $1, 690 / oz mark and now trading around $1, 692.50 / oz.

Gold fell yesterday and at one point came close to testing key support at $1,678.45 an ounce, according to an article on leading financial website Economies.com. Looking at the 4-hour chart, the random indicator hit an oversold zone and is now waiting for this to drive gold’s expected bullish trend to continue within the day and in the short term.

As long as gold stays above $1,678.45 an ounce, expectations remain bullish, with the first target at $1,729.00 and then $1,747.43, according to Economies.com.

Analysts pointed out that despite the short-term fall in gold prices, but the outlook remains bullish. The covid-19 outbreak, which has infected more than 3.8 million people worldwide, has severely affected global economic growth, prompting countries to take massive fiscal and monetary measures to limit economic losses.

Gold tends to benefit from widespread central bank stimulus because it is seen as a hedge against inflation and currency depreciation.

Edward Moya, senior market analyst at Oanda, said gold should see strong support from the $1,650 level in the near term and should still target $1,800 in the coming months.

“Technically, the trend remains bullish as investors continue to buy gold in case of a second coronavirus and central Banks are forced to print money to ease the crisis,” Carlo Alberto De Casa, chief analyst at ActivTrades, said in a report.

Update on the outbreak: more than 3.82 million people have been infected worldwide

According to the latest statistics, the global cumulative number of confirmed COVID 19 cases has exceeded 3.82 million. So far, the number of confirmed cases has exceeded 100,000 in 10 countries, including 1.26 million in the United States.

Worldometers world real-time statistics show that as of 9:53 PM Beijing time on May 7, the global COVID 19 cumulative confirmed cases of more than 3.82 million, to 382,1917 cases, cumulative deaths of more than 265,051 cases of more than 265,000.

The United States had the highest number of cumulative confirmed COVID 19 cases in the world, with more than 1.26 million cases (1,263,092 cases) and more than 74,000 deaths (74,799 cases).

US President Donald trump said on Wednesday that the coronavirus task force would continue to work “indefinitely”, reversing his recommendation a day earlier to phase it out in the coming weeks.

In a series of tweets, Mr Trump said that while the task force would not be disbanded, some members might be replaced and the focus shifted to the reopening of the us economy. Speaking at the White House late Wednesday, he said that by next week, “we will be adding two or three members.”

Mr. Trump wrote on twitter that the team, led by vice President mike pence, “has done an excellent job integrating a large number of highly complex resources,” such as respirators, masks and test systems. “Because of this success, the working group will continue indefinitely to focus on security and re-opening our country,” trump wrote.

US President Donald trump said in the oval office on May 6 that novel coronavirus was worse than the attacks on Pearl Harbor and 9/11, but the us would not adopt a widespread blockade because people would not accept it and it was not sustainable.

The head of the centers for disease control and prevention, Robert redfield, said on April 21 that the start of winter in the United States could usher in a second, more severe outbreak, with the overlap of the flu season and the new pandemic threatening “unimaginable” strains on the health care system. Redfield said governments at all levels should use the months to prepare, including improving their detection and monitoring capabilities.

US President Donald trump on April 11 declared Wyoming a “state of major disaster” for the new outbreak. For the first time in U.S. history, all 50 states, Washington, d.c. and four overseas territories — the U.S. virgin islands, northern mariana islands, Guam and Puerto Rico — are in a “major state of disaster.”

Other major epidemic in overseas countries, Spain COVID – 19 accumulative total of 253682 cases of the patients, Italy has confirmed 214457 cases, the diagnosis of 201101 cases, confirmed 174191 cases of France, and Germany has confirmed 168162 cases, Russia has confirmed 165929 cases, Turkey has confirmed 131744 cases, Brazil has confirmed 126611 cases, Iran has confirmed 101650 cases, Canada has confirmed 63496 cases, confirmed 54817 cases of Peru, India has confirmed 52987 cases, A total of 50,781 cases have been confirmed in Belgium.

In China, from 0:00 on May 6, 31 provinces (autonomous regions and municipalities directly under the central government) and xinjiang production and construction corps reported two new confirmed cases, all of which were imported from overseas (1 case in Shanghai and 1 case in guangdong). No new deaths; Two new suspected cases were imported from abroad (in Shanghai).

As of 24:00 on May 6, according to reports from 31 provinces (autonomous regions, municipalities directly under the central government) and xinjiang production and construction corps, there were 295 confirmed cases (23 of them severe), a total of 77,957 cured and discharged cases, a total of 4,633 dead cases, a total of 82,885 confirmed cases and 4 suspected cases. A total of 735,737 close contacts were traced, and 6,537 close contacts were still under medical observation.

On May 6, local time, the world health organization (who) held a regular briefing on COVID-19. Since the beginning of April, the who has been receiving reports of about 80,000 new cases a day on average, said who director-general tan Desai. Countries should lift the blockade in stages and strong health systems are the foundation of economic recovery, tan said.

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