Thursday was another day when world markets continued to recover. Although Donald Trump said that he would not hurt the U.S. energy market and could save jobs, American oil companies are beginning to cut oil production. In the current situation, it is clear that those who can quickly curtail, and these are shale oil rigs in the U.S., will curtail and survive the current crisis. They will be able to resume production as quickly as they can curtail it.
Initial US unemployment claims came out on Thursday and were slightly below expectations. From these data we can say that the situation in the USA is beginning to level off. The stock market is full of positive data and continues to grow. Everything will depend on the number of infections in the US and how much the economy will suffer. After the pandemic, the USA will be the first to recover, followed by all other world countries.
On Thursday, the Euro continued its decline. After ECB Chairman Christine Lagarde announced that the euro zone economy may decline by 15% in the future, the Euro continued its decline. Once again, there were problems with the adoption of the EU economic stimulus plan, which also affected the euro rate. The EUR/USD pair is falling on Friday. Investors start taking profits on the Euro, which may affect the value of the currency.
Somehow the price per barrel of WTI oil is starting to recover. It’s strange to see major oil-exporting countries suffering because they don’t know where to put their oil. The main vaults are busy and tankers are floating around the world like vaults. The economy doesn’t know how it ends in the future. So far the price of WTI oil has stabilized above 17$ per barrel and this is a very good result.
Gold trades almost at peaks on Thursday. It rose sharply to $1740 an ounce. Gold has the potential to strengthen further and this desire will continue in the near future. We expect gold to rise to $1800 per ounce.
What’s waiting for us today?
01.30 Basic consumer price index in Japan
08.00 UK retail sales volume
19:30 Total number of rigs in USA
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