King Dollar reigns once again this week despite very negative business sentiment and employment numbers from the United States. It’s likely traders were moving back into Greenbacks on a mix of global risk aversion sentiment and the continued issues with U.S. dollar funding.
United States Headlines and Economic data
Monday:
- February U.S. pending home sales jump over 9% annually, ahead of major coronavirus impact
- Bostic: Fed programs could be broadened if they have missed important parts of economy
- Texas business activity falls off the coronavirus cliff
Tuesday:
- US consumer confidence drops in March to 120 vs 110 expected
- Chicago PMI slips to 47.8 in March
- US home prices rose 3.9% annually, up from 3.7% in December, according to the S&P CoreLogic Case-Shiller Indices
Wednesday:
- Trump warns of ‘painful’ two weeks ahead as White House projects more than 100,000 coronavirus deaths – this was a top tier catalysts for the financial markets, sending risk aversion sentiment higher on the session.
- US companies cut 27,000 jobs before the worst of the coronavirus shutdown, millions more coming, ADP says
- White House is not planning for a 4th coronavirus relief bill despite Democrats’ push, officials say
- IHS Markit final U.S. Manufacturing PMI posted 48.5 in March vs. 50.7 in February
- March’s ISM manufacturing index is 49.1, signaling contraction as coronavirus hits economy
- Fed’s Eric Rosengren says the central bank ‘acted quickly’ but Congress will need to do more
- Fed’s Rosengren: Virus likely to hit real estate, office loans
Thursday:
- Federal Reserve Temporarily Eases Capital Requirement for Big Banks
- US weekly jobless claims double to 6.6 million
- As millions lose jobs, Fed policymakers say recession is here
- Emerging markets need more than Fed repos to fix dollar malaise
- Oil rallies as Trump talks up truce hopes for Saudi-Russia price war – Once again, comments from U.S. President Trump spark big moves in the markets, this time propping oil higher and taking some edge off of fears of the extremely negative situation between oil producing countries.
Friday:
- US payrolls plunge 701,000 in March amid the start of a job market collapse
- US services sector growth slows down in March, ISM says
- IHS Markit US Services PMI: Business activity declines steeply amid COVID-19 pandemic
- Fed’s Daly says goal is to make jobless rate spike temporary
Sunday:
