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Gold Spot

Gold dropped about 2% on Friday after President Donald Trump’s new guidelines to re-open the U.S. economy and encouraging early data related to a potential COVID-19 treatment drove investors towards riskier assets.

Technical Resistance: 1707/1739

Technical support: 1660/1643

Market headlines:

  • Stocks rally as investors take heart on U.S. economic reopening plan
  • Hobbled by coronavirus, China’s first-quarter GDP shrinks for first time on record
  • Japan exports slump as coronavirus hits U.S., Chinese demand
  • USDMYR traded at 4.3815

Economic data:

  • 20 April 2020 Malaysia time 2:00 pm – German PPI (MoM) (Mar)
  • 20 April 2020 Malaysia time 10:00 am – Eurozone Trade Balance (Feb)
  • 20 April 2020 Malaysia time 8:30 pm – Wholesale Sales (MoM) (Feb)

Stocks rally as investors take heart on U.S. economic reopening plan

Global stocks rallied on Friday on President Donald Trump’s plans to revive the coronavirus-hit U.S. economy and a report about a clinical trial for a potential drug to treat COVID-19, while the dollar fell amid investors’ growing risk-on sentiment.

Hobbled by coronavirus, China’s first-quarter GDP shrinks for first time on record

China’s economy contracted for the first time on record in the first quarter as the coronavirus shut down factories and shopping malls and put millions out of work. Gross domestic product (GDP) fell 6.8% in January-March year-on-year, official data showed on Friday, a slightly larger decline than the 6.5% forecast by analysts and reversing a 6% expansion in the fourth quarter of 2019.

Japan exports slump as coronavirus hits U.S., Chinese demand

Japan’s exports slumped the most in nearly four years in March as U.S.-bound shipments, including cars, fell at the fastest rate since 2011, highlighting the damage the coronavirus pandemic is inflicting on global demand and trade. Adding to worries the world’s third-largest economy is sliding into recession, Ministry of Finance data showed Japanese exports fell 11.7% in the year to March

Source: Bloomberg, CNBC, Reuters

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