The market mood is cautiously optimistic on Thursday after a risk-off Monday. Stock futures are marginally higher while the US dollar is up against the yen and euro, as investors continued to look for safe havens.
USD/JPY keeps a little higher on the day but isn’t doing a whole lot, as the yen is keeping firmer. EUR/USD is trading around 1.0950, under pressure as Coronavirus cases are nearing one million with the epicentre remaining in Europe. GBP/USD alternates gains with losses as the UK’s coronavirus cases marked the record hike of 563 the previous day.
Oil is up by 7% on the day to $21.75 after report on China boosting reserve purchases. Gold has lost some bullish support of late despite the risks of COVID-19’s spread, as the US dollar moves higher, ending the last quarter on the front foot as a relatively illiquid market sees exaggerated moves adding to the upside support.
Data releases will continue to play second fiddle as the market is seemingly faring better after a rough start to the new month and new quarter in trading yesterday. The EUR docket has nothing of note to offer, except for the Eurozone Producer Price Index due at 09:00 GMT.
The US Jobless Claims report will hog the limelight at 12:30 GMT, in the face of the respiratory illness-led impact on the US employment scenario. Apart from the weekly employment data, market could take cues from the US trade balance and factory orders, also scheduled for release during the North American trading hours.