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Euro recovers despite the warning that Spain’s economy could contract by as much as 12.4% this year

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April 20, 2020 06:42
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Home » Dollar turns flat after a short-lived rally, stocks mixed

Dollar turns flat after a short-lived rally, stocks mixed

Euro recovers despite the warning that Spain’s economy could contract by as much as 12.4% this year

by Stephen Soo
April 20, 2020 06:42
in Fundamental analysis
0
Euro recovers despite the warning that Spain’s economy could contract by as much as 12.4% this year

Wall Street stocks closed broadly higher on Friday as investors continued to express hope for progress in the fight against the coronavirus. The S&P 500 index rose 2.7%, the Dow Jones Industrial Average gained 3% while the Nasdaq climbed 1.4%. market participants were also impressed by the news that a Gilead Sciences drug showed some effectiveness in treating the coronavirus.

In Asia, stocks were mixed on Monday, with China’s Shanghai composite gaining 0.5% after the country’s central bank cut its one-year loan prime rate to 3.85% from 4.05% while the five-year loan prime rate was also reduced to 4.65% from 4.75%. Hong Kong’s Hang Seng index dipped 0.24%. In Japan, the Nikkei 225 in Japan fell 1.15% after the data showed that Japan’s exports fell 11.7% in March from a year earlier, reflecting a sharp drop in external demand due to the coronavirus outbreak. Imports fell 5.0% in the year versus -9.8% expected. 

European stock markets opened slightly higher but turned mixed afterward amid a sharp fall in oil prices and the lingering concerns over the coronavirus developments with more than 2.3 million infected worldwide and 165,000 deaths globally. US stock index futures are on the defensive, with Dow Jones Industrial Average futures falling around 200 points despite Treasury Secretary Steven Mnuchin said the administration and Congress were close to striking a deal on the second round of loans for small businesses. 

Elsewhere, the dollar is trading in a mixed manner after a short-lived rally witnessed at the start of the day. EURUSD turned positive on the daily timeframes and is now targeting the 1.09 handle. The common currency regained the ground despite the Spanish central bank said in its latest outlook on the economy that the country’s GDP could contract by as much as 12.4% this year. 

In other markets, bitcoin price has settled around $7,100 after a bullish weekly close. BTCUSD remains stuck between the key moving averages and could extend gains should the $7,000 handle withstand the potential selling pressure. On the upside, the immediate resistance arrives at $7,300. 

Tags: BTCUSDDOW JONESEURUSDNasdaqNikkei
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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