Gold jumped more than 1% on Friday to levels last seen in 2012, as renewed U.S.-China trade tensions added to concerns about a deep economic slump due to the coronavirus pandemic.
Technical Resistance: 1768/1796
Technical support: 1749/1737
- Dollar holds firm on China tensions; negative rates talk sinks pound
- Japan slips into recession, worst yet to come as pandemic wreaks havoc
- Oil prices climb more than $1 ahead of WTI June contract expiry
- USDMYR traded at 4.3570
- 18 May 2020 Malaysia time 10:00 am – China House Prices (YoY) (Apr)
- 18 May 2020 Malaysia time 12:30 pm – Japan Tertiary Industry Activity Index (MoM)
- 18 May 2020 Malaysia time 10:00 pm – U.S. NAHB Housing Market Index (May)
Dollar holds firm on China tensions; negative rates talk sinks pound
The dollar held its ground as concern about global tensions with China overshadowed improving sentiment from easing coronavirus lockdowns, while talk of negative interest rates pushed the pound to an almost two-month low.
Japan slips into recession, worst yet to come as pandemic wreaks havoc
Japan’s economy slipped into recession for the first time in 4-1/2 years, GDP data showed on Monday, putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers. Gross domestic product (GDP) contracted an annualised 3.4% in the first quarter as private consumption, capital expenditure and exports fell, preliminary official data showed, following a revised 7.3 decline in the October-December period, meeting the technical definition of a recession.
Oil prices climb more than $1 ahead of WTI June contract expiry
Oil prices jumped by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.
Source: Bloomberg, CNBC, Reuters