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COVID-19

Gradual Reopening Boosts Sentiment, Crude Oil Rebounds

April 30, 2020
reopening
Gradual reopening of economies

Asian markets ended mixed for one more day as the investors are more cautious at the monthly high after the sharp coronavirus sell-off. Gradually reopening of the economy around the globe boosts sentiment, while the rebound in crude oil price also helps. 

The Nikkei 225 finished 0.06% lower at 19,771. The Shanghai Composite is 0.44% higher at 2822, while the Singapore Straits Times is 0.02% lower at 2,562. The Hang Seng is 0.06% higher at 24,592. Australian equities managed to finished 1.50% higher at 5,393. 

Wall Street ended lower yesterday despite the strong opening ahead of the Fed monetary policy decision today with analysts expecting that Fed will keep the rates unchanged and reiterate the will to use all tools available to fight the coronavirus outbreak crisis. 

European markets rise in early trading; the German DAX is 0.11% higher at 10,807. CAC 40 index is 0.16% lower at 4,562, while the FTSE MIB in Milan is 0.67% higher at 17,798. In London, the FTSE 100 is 0.83% higher at 6,007. 

XAUUSD Daily Chart
XAUUSD Daily Chart

In commodities markets, crude oil manages to rebound today on better API data on oil inventories. Brent crude oil is 2.35% higher at $20.46 per barrel, while the WTI crude oil futures contract is 15.80% higher at 14.31. Gold price rebounds today and is 0.17 higher at 1,711. Gold’s first resistance stands at $1,741 the recent high, while the initial support stands at $1,692 the low from April 17. Silver price is 1.25% higher at $15.23.

Cryptocurrencies are trading higher after a slow start, Bitcoin’s (BTCUSD) price is 5.06% higher at $8,161, hitting the daily low at $7,695 and the daily high at $8,185. Bitcoin’s (BTCUSD) technical outlook is bullish now, as the price trades above the 100-day moving average. First support for BTCUSD seen at $6,484 the low from April 16. On the other side, initial resistance stands at $8,200 today’s high.

Ethereum is 6.13% higher, at $208.79. The initial resistance for Ethereum stands at 210.36 the daily high, while the first support stands at $142.55 the low from April 6th trading session. Ripple is 2.48% higher at 0.2202. Litecoin is 2.73% higher at 47.05.

In the Lookout: Moody’s forecasts now is that the North American crude price will be at  $30 per barrel for 2020 and $40 in 2021.

Fitch downgraded Italy to BBB-, with stable outlook. The Eurozone April final consumer confidence came in at -22.7.

Trading Perspective: In the forex markets, USDCHF is 0.05% lower at 0.9746. GBPUSD is 0.09% lower at 1.2413. The EURUSD is 0.24% higher at 1.0845; the AUDUSD is 0.43% higher at 0.6517. The Yen is stronger for one more day against the USD; the USDJPY is 0.19% lower at 106. 

GBPUSD Daily Chart
GBPUSD Daily Chart

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