Gold prices surged over 2.5% to their highest in a month on Thursday after the U.S. Federal Reserve announced a massive stimulus to combat the economic toll of the coronavirus pandemic. Major physical bullion hubs saw activity dwindle this week due to coronavirus-led restrictions, with strained supply chains cut off from soaring safe-haven demand in some regions.
Technical Resistance: 1702/1730
Technical support: 1663/1646
- Wall Street rises on latest Fed rescue program
- Saudi, Russia agree record oil cut under U.S. pressure as demand crashes
- S. jobless claims exceed six million for second week in a row
- USDMYR traded at 4.3250
- 10 April 2020 Malaysia time 9:30 am – China CPI (MoM) (Mar)
- 10 April 2020 Malaysia time 8:30 pm – U.S. Core CPI (MoM) (Mar)
- 10 April 2020 Malaysia time 11:00 pm – China New Loans (Mar)
Wall Street rises on latest Fed rescue program
Wall Street closed out the trading week on a high note on Thursday as the U.S. Federal Reserve unleashed another program designed to buoy local governments and businesses crushed by massive closures to stem the coronavirus outbreak. Under the Fed’s $2.3 trillion package, the U.S. central bank said it would work with banks to offer four-year loans to companies of up to 10,000 employees and directly buy bonds of states and more populous counties and cities.
Saudi, Russia agree record oil cut under U.S. pressure as demand crashes
OPEC and its allies led by Russia agreed on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. The cuts by OPEC and its allies, a group known as OPEC+, amount to 10 million barrels per day (bpd) or 10% of global supplies, with another 5 million bpd expected to come from other nations to help deal with the deepest oil crisis in decades.
U.S. jobless claims exceed six million for second week in a row
A staggering 16.8 million Americans have filed for unemployment benefits in the last three weeks, with weekly new claims topping 6 million for the second straight time last week as the novel coronavirus outbreak relentlessly savages the economy.
Source: Bloomberg, CNBC, Reuters