US Dollar is mixed versus peers, markets eye consumer confidence and jobless claims due out tomorrow

COVID-19 cases rose in the US and Europe yesterday as the UK reported the highest number of deaths to date. Hope of a global plateau initially boosted equity markets yesterday, but the rally lost steam by New York’s close. The dollar is mixed, but gaining traction in the wake of disagreement by European finance ministers on economic strategy.

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    April 8, 2020

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    The dollar is mixed versus G-10 peers, but up 0.2% nonetheless following news that European finance ministers failed to agree on a strategy to mitigate the economic impact of the virus. Jobless claims and consumer confidence numbers are due out tomorrow, and will reveal how quickly unemployment is rising, as well as how badly the consumer has been hit.

    The Trump administration is working on a plan to expand widespread testing for Americans and re-open smaller communities that have not been hit badly with the coronavirus. US National Economic Council Director Larry Kudlow said that the hope is to have the economy fully open in the next four to eight weeks.
    The pound led G-10 gainers and is up 0.3% as gilts rally. UK PM Boris Johnson remains in intensive care where his condition is reported to be “stable”.
    The euro is weaker after European finance ministers failed to agree on a €500 billion package to mitigate the economic impact of the pandemic. They are due to continue talks tomorrow. The ECB took off some pressure after it announced further measures to relieve market stress.
    The loonie pared yesterday’s gains to trade lower versus the greenback as stock futures and the dollar gained traction in reaction to the latest coronavirus news.
    The Chinese yuan weakened versus the stronger dollar as investors continue to assess the long-term impact of COVID-19. Wuhan officials have started to allow people to leave the city for the first time since late January if they have been cleared as healthy.
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