The market is keeping with this mildly enthusiastic tone as the trading starts in Europe and so far, this is allowing major currencies to maintain steadier footing.
Major U.S. stock indexes have jumped and logged solid gains for the week after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared.
The Dow Jones Industrial Average rose 1.91% to 24,330.77, the S&P 500 gained 1.69% to 2,929.80 and the Nasdaq Composite added 1.58% to 9,121.32. For the week, the S&P rose 3.04%, the Dow added 2.56% and the Nasdaq gained 6.0%.
The U.S. dollar was largely unchanged in early European trade Monday, as investors weighed up the conflicting forces of dismal economic data and the gradual reopening of the globe’s economy. Against the Japanese yen, the dollar rose above 107.00 handle, while the euro was up 0.03% against the dollar to $1.0835. GBP/USD is trading above 1.24, marginally higher.
Oil prices were higher as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.
Gold eased as investors grew hopeful about economies reopening after COVID-19 lockdowns. Spot gold fell 0.73% to $1,705.20 per ounce.
In the absence of any major market-moving economic releases, either from the Eurozone or the US, the broader market risk sentiment might continue to play a key role in influencing the market sentiment and assist market participants to grab some meaningful trading opportunities.