EUR/USD

EUR declines against USD during today's Asian session, developing a "bearish" impulse that formed at the beginning of the week, when the instrument retreated from its local highs since March 17. EUR loses significantly to USD amid continuing uncertainty due to the raging coronavirus epidemic; however, investors' attention is gradually shifting to macroeconomic indicators from the US, which inhibits the growth of consumer activity. Macroeconomic statistics show negative results not only in the USA. The data indicated a slowdown in consumer inflation in the euro area from 1.2% YoY to 0.7% YoY, which turned out to be worse than expert estimates. At the same time, investors drew attention to the surprisingly stable results on the labor market from Germany. The number of unemployed grew by only 1K, while analysts expected a growth of 29K. The Unemployment Rate remained unchanged at 5%. Such strong results are due to the fact that data collection in Germany was completed before the start of national quarantine, and therefore they do not reflect the real situation on the market at the moment.

GBP/USD

GBP is falling against USD during today's Asian session, but the dynamics of the instrument in the short term remains flat. After a long decline last week, USD is trying to recover, but it has not yet been able to go into corrective growth, as investors are worried about the increasing uncertainty in the market and the disappointing macroeconomic data from the US. Today, traders are focused on the publication of statistics on business activity in the UK and the USA for March. Analysts expect a decline in all key indicators; however, American data can again exert the greatest pressure. In addition, today the release of ADP Employment Change report is expected. Experts expect to see a decrease in employment by 154K, but it is possible that the scale of the crisis in the labor market is underestimated. At the end of the week, the US will publish the final report on the labor market for March, which can deliver several anti-records at once.

AUD/USD

AUD shows multidirectional dynamics paired with USD, trading near 0.6100. USD failed to win back the losses of the past week, and is waiting for new drivers on the market. It is possible that the report on the US labor market, which will be released at the end of this week, will help to restore former activity; however, investors are afraid that this activity will be "bearish". In the meantime, a good macroeconomic statistics from Australia hinders further decline in the instrument. AiG Manufacturing Index went up from 44.3 to 53.7 points in March. Commonwealth Bank Manufacturing PMI fell from 50.1 to 49.7 points over the same period, which in the current situation can be considered positive. However, it is likely that the collected statistics are not entirely relevant, since it only partially captures the period of mass quarantine.

USD/JPY

USD is rising against JPY during today's Asian session, retreating from its local lows, updated earlier this week. The instrument adds about 0.17% and is testing the level of 107.70 for a breakout. Investors are noticeably frightened by the development of the coronavirus epidemic in the United States, which has already taken first place in the world in the number of confirmed cases. The pressure on USD is also reinforced by macroeconomic statistics from the United States, which gradually exerts more and more influence on the sentiment of traders. Investors are awaiting the publication of the March report on the US labor market, which will allow drawing preliminary conclusions about how much the world's first economy could suffer from the crisis. Macroeconomic data released in Japan on Wednesday turned out to be controversial. Tankan Large All Industry Capex in Q1 2020 slowed down from 6.8% QoQ to 1.8% QoQ, which was significantly better than market expectations of –1.1% QoQ.

XAU/USD

Gold prices are rising during today's Asian session, correcting after an active decline, which was triggered by another attempt of strengthening USD and the emergence of strong Chinese statistics. Chinese Non-Manufacturing PMI in March rose sharply from 29.6 to 52.3 points, which was significantly better than market expectations of 37.8 points. NBS Manufacturing PMI for the same period jumped from 35.7 to 52 points with a forecast of growth of only 45 points. The data from China were strong today as well; however, gold growth is again noticeable amid the expectations of the publication of the March US labor market report at the end of the week. Anyway, Caixin Manufacturing PMI in March rose from 40.3 to 50.1 points, while investors expected it to rise to only 46 points.

EUR/USD

EUR shows a "bearish" trend against USD during today's Asian session, continuing the development of a downtrend since the beginning of the current trading week. USD is still in high demand, as investors are scared by the situation in the world. So far, depressing macroeconomic publications from the US have little influence on USD; however, the situation is gradually changing, and it will not be possible to ignore evidence of the coming deep economic crisis. The data from the US reflected a sharp increase in the number of Initial Jobless Claims for the week ending March 27 by a record 6.6M, which was almost half worse than the forecast. Today, investors expect the publication of the March report on the US labor market, which also does not bode well. Data from the euro are in the background for the time being. On Friday, European countries will continue to report on business activity in the services sector for March, and the euro area will release February statistics on retail sales.

GBP/USD

GBP begins the last day of the trading week with a flat dynamics against USD, continuing to trade near 1.2400. Demand for USD is supported by a high interest of investors in safe assets and additional sources of liquidity; however, traders are in no hurry to actively sell GBP amid the publication of disappointing macroeconomic statistics from the US. The prospects for the US economy have deteriorated markedly, despite the fact that the peak of the coronavirus epidemic has not yet been overcome. In the current conditions, the onset of a recession in the US economy is almost inevitable, and the darkest forecasts even suggest the beginning of a period of a new "depression". Today investors are focused on the publication of the March report on the US labor market. Among other things, analysts expect a sharp reduction in the number of new jobs and a jump in unemployment to 3.8%.

AUD/USD

AUD is showing slight growth against USD during today's Asian session, retreating from local lows since March 26, updated the day before. Slight support for AUD has increased pressure on USD as negative macroeconomic statistics from the US accumulate. USD is still supported by the status of a safe haven currency; however, investors are seriously scared by the pace of slowdown in the first world economy. Meanwhile, weak macroeconomic statistics from Australia came out today, which, however, was not a surprise. AiG Performance of Construction Index in March fell from 42.7 to 37.9 points. Commonwealth Bank Services PMI for the same period corrected from 39.8 to 38.5 points with a neutral outlook. Commonwealth Bank Composite PMI in March fell from 40.7 to 39.4 points. Consumer sentiment, in turn, was supported by statistics from China, which is gradually recovering from the epidemic. Jibun Bank Services PMI in March jumped from 26.5 to 43 points.

USD/JPY

USD shows weak growth against JPY during today's Asian session, continuing the development of a "bullish" impulse that formed yesterday. The instrument adds about 0.07% and is actively testing the level of 108.00 for a breakout. USD ignored yesterday's publication of statistics from the US, indicating a record increase in the number of Initial Jobless Claims, as investors are still interested in a source of additional liquidity. The "bullish" activity of traders in the first hours of trading on Friday is noticeably lower, since investors have no desire to maintain long positions on the weekend, and in addition, the market expects the publication of a disappointing US labor market report for March. Today's data from Japan indicated a decrease in Jibun Bank Manufacturing PMI from in March from 46.8 to 33.8 points against the forecast of a reduction to 32.7 points.

XAU/USD

Gold prices are falling during today's Asian session, correcting after strong growth triggered by the publication of data on applications for unemployment benefits in the US. Demand for the asset remains quite high against the backdrop of the raging pandemic of coronavirus. Moreover, analysts expect that with the publication of data indicating the beginning of a deep global economic crisis, the demand for the instrument will only increase.

EUR/USD

Today, during the Asian session, the EUR/USD pair is growing moderately, retreating from local lows, renewed yesterday. As before, the current EUR’s attempt to strengthen is technical, while the demand for it remains quite low. However, investors are optimistic about the reports of European countries, which indicate a decrease in cases of new infections with coronavirus, which gives some hope and supports the euro. Published macroeconomic statistics from Europe so far leaves much to be desired. So, the data on the dynamics of production orders in Germany released on Monday reflected a decrease of 1.4% MoM in February after an increase of 4.8% MoM in the previous month. Analysts had expected a decline of 1.9% MoM. According to preliminary estimates for April, the Sentix investor confidence indicator crashed from –17.1 to –42.9 points, which was noticeably worse than market expectations of –30.3 points. On Tuesday, investors are focused on German statistics on the dynamics of industrial production for February.

GBP/USD

Today, during the Asian session, the GBP/USD pair is growing, retreating from local lows of March 27. The pound grows after an uncertain decline last week, which forced him to retreat from highs since mid-March. Some pressure on the British currency has the hospitalization of Prime Minister Boris Johnson. Previously, he was self-isolated and worked remotely due to infection with coronavirus but later he was still forced to seek medical help. British macroeconomic statistics remain negative. So, on Monday the index of business activity in the construction sector came out, which fell from 52.6 to 39.3 points for March against the forecast of a decrease to 44 points.

AUD/USD

Today, during the Asian session, the AUD/USD pair is growing, continuing the development of the “bullish” momentum formed at the beginning of the week. Now, the instrument has added about 1% and is testing the level of 0.6150 for a breakout. On Tuesday, investors are focused on the publication of macroeconomic statistics from Australia, as well as the RBA decision on the interest rate. As expected, the Australian regulator did not change the parameters of monetary policy and kept the rate at a minimum level of 0.25%. The accompanying statement noted significant risks of a slowdown in the global economy due to the coronavirus pandemic. Published statistics reflected a sharp decline in the AiG index of activity in the service sector of Australia in March from 47 to 38.7 points. The vacancy index for the same period from ANZ fell 10.3% after rising 0.7% in February. Experts expected the appearance of negative dynamics but expected a decrease of only 2.9%.

USD/JPY

Today, during the Asian session, the USD/JPY pair significantly reduced, retreating from the local highs, renewed at the beginning of the week. Now, the instrument has lost about 0.4% and is testing the level of 108.70 for a breakdown. The yen is supported by some correction in the US currency and the publication of positive Japanese macroeconomic statistics for February. In turn, its more confident growth is hindered by fears of a state of emergency in the country today against the background of a sharp increase in the number of patients with coronavirus in Tokyo. Japan's matching indicators index in February rose from 95.2 to 95.8 points, which was better than market expectations of 95.1 points. The leading indicators index for the same period jumped from 90.5 to 92.1 points with a forecast of 90.4 points.

XAU/USD

Today, during the Asian session, gold prices are consolidating, retreating from local highs, which were renewed after a sharp increase in the instrument yesterday. The instrument is supported by the strengthening of alarming market sentiment due to a sharp slowdown in the global economy. The quarantine measures that many countries take today in connection with the spread of coronavirus have an extremely negative effect on almost all sectors of the economy, threatening the onset of a long period of recession or even depression. Demand for the dollar remains high but also suffers from the publication of disappointing data from the US, which indicates a record drop in the labor market, rising unemployment, and declining manufacturing activity.

EUR/USD

Today, during the Asian session, the EUR/USD pair is growing slightly, continuing to develop the “bullish” momentum formed on Tuesday. Yesterday, EUR declined due to the failure of the Eurogroup negotiations, which lasted more than 15 hours. Initially, the meeting was supposed to agree on a new package of measures to support the European economy of more than 500 billion euros but due to several disagreements, a consensus was not reached. However, the Eurogroup intends to continue its negotiations on Thursday, so investors still hope for a positive outcome. Also, today, traders are focused on the ECB Meeting Minutes release. There will be few key macroeconomic statistics from Europe. The February data on import and export of Germany, as well as the February statistics on the dynamics of industrial production in Italy, deserve the most attention. More important are US Initial Jobless Claims data, which last week rose sharply to 6648K.

GBP/USD

Today, during the Asian session, the GBP/USD pair is trading ambiguously, remaining around the local highs since April 2. GBP is supported by a moderate increase in investor interest in risk against the background of some stabilization of the dynamics of coronavirus spread in Europe and the United States. However, investors are extremely cautious, fearing new outbreaks and evaluating the negative economic consequences that are only now beginning to be seen. On Thursday, traders are focused on a block of statistics on industrial production and the dynamics of the UK GDP in February. Also, the National Institute for Economic and Social Research of the United Kingdom will publish estimates of the country's GDP growth rates for March.

NZD/USD

Today, during the Asian session, the NZD/USD pair is growing moderately, trading near the local highs since March 31. NZD is strengthening due to the development of USD correction dynamics, which is slightly weakening due to improved investor sentiment in the market. The statistics of incidence in Europe suggest that the epidemic has reached its peak, and soon, a gradual easing of several restrictive measures may be expected. Some stabilization was outlined in New York, which was hit hardest by the US epidemic. There it is too early to talk about reaching a peak but the general trend is positive. More confident growth in the New Zealand dollar is hindered by the publication of disappointing macroeconomic statistics from New Zealand. So, Electronic Card Retail Sales in March decreased by 3.9% MoM after an increase by 0.5% MoM in the previous month. Analysts had expected positive dynamics of +0.3% MoM. Also, the indicator fell from +8.6% YoY to -1.8% YoY against the forecast of +5.3% YoY.

USD/JPY

Today, during the Asian session, the USD/JPY pair is growing moderately, recovering from a pullback on Tuesday. Now, the US currency is trying to consolidate above 109.00 supported by high demand for shelter assets. In turn, the position of the Japanese yen remains under pressure due to the emergency regime introduced recently in Tokyo and several prefectures surrounding it in response to the accelerated spread of the epidemic within the country. Macroeconomic statistics published on Thursday from Japan remains in the background and does not significantly affect the dynamics of the instrument. Thus, the volume of foreign investment in Japanese stocks for the week of April 3 increased by 422.7 billion yen after a decrease of 1,422.1 billion yen in the previous period. In turn, investment in foreign bonds for the same period fell sharply by 1,056.4 billion yen after an increase of 2.5 billion yen in the previous period.

XAU/USD

Today, during the Asian session, gold prices are recovering, partially compensating for the decline on Tuesday and Wednesday, when the instrument retreated from its local highs since March 10. The instrument is still supported by an uncertain perspective around the coronavirus epidemic. The market is receiving signals that the epidemic may have reached its peak in Europe but investors are afraid to make hasty conclusions. The situation in the United States remains difficult, although the stabilization of new cases of infection has been outlined in New York. Also, investors are awaiting the outcome of today's OPEC+ meeting, which will be held remotely.

EUR/USD

EUR is falling slightly against USD during today’s Asian session, retreating from local highs, updated at the end of last trading week. Trading activity remains quite low, as European markets remain closed on Easter Monday. Investors are still focused on the coronavirus situation. Some signs of stabilization of the situation in Europe and the USA give certain hope to market participants; however, it’s still premature to talk about overcoming the peak of the epidemic. Macroeconomic statistics from the US published last Friday put pressure on USD. Consumer Price Index in March decreased by 0.4% MoM after rising by 0.1% MoM in February. Analysts had expected decline by 0.3% MoM. In annual terms, inflation growth slowed from 2.3% YoY to 1.5% YoY, which also turned out to be worse than market expectations of 1.6% YoY.

GBP/USD

GBP is trading higher against USD, located near the local highs, updated on April 10. Against the backdrop of the thin market and continuing concerns about the prospects for the development of the global economy, GBP is supported by investors, responding to the favorable course of the disease with British Prime Minister Boris Johnson, who left the intensive care unit last week. Additional pressure on the position of the US currency was provided by the approval of the new loan program of the Fed for small and medium-sized businesses. Investors are increasingly paying attention to quantitative indicators of the US economy, each time reviewing analysts' forecasts for the worse. The Friday data on consumer inflation in the USA for March, which came out noticeably worse than market expectations, were no exception.

NZD/USD

NZD shows flat dynamics against USD during today's Asian session, trading near the local highs since March 16, which the instrument managed to update at the end of last week. The pair is trying to consolidate below 0.6070; however, the reason for its slight correction is mainly due to technical factors. Investors remain focused on Friday's data on consumer inflation from the US and China. As expected, the data disappointed investors. Chinese Consumer Price Index in March declined by 1.2% MoM after an increase of 0.8% MoM in February. Analysts expected a decline of 0.7% MoM. In annual terms, the index has slowed from 5.2% YoY to 4.3% YoY, with the forecast of 4.8% YoY.

USD/JPY

USD is falling against JPY during today's Asian session, continuing to develop the "bearish" impulse that formed in the market at the beginning of last week. The instrument loses about 0.40%, testing the level of 108.00 for a breakdown. Demand for JPY remains quite low after Japan began to impose a state of emergency in Tokyo and a number of prefectures surrounding it amid a sharp increase in the incidence of coronavirus. Investors fear that the peak of the epidemic for Japan is yet to come, while in the US, despite the depressing statistics, it seems that some stabilization is expected.

XAU/USD

Gold prices are falling during today's Asian session, retreating from local highs since March 9, which the instrument managed to update at the opening of trading this week. Investors fix their long profits after active asset growth last Thursday (markets were closed due to the religious holiday on Friday), while gold demand remains quite high, especially given the new measures to support the economy from the Fed and the disappointing macroeconomic statistics from the US.

EUR/USD

EUR is trading in flat during today's Asian session, consolidating near new local highs since April 1. Yesterday EUR managed to demonstrate an active positive trend against USD, having received support from the growth of optimistic sentiment in the market. The main reason for increasing the interest of traders in risk remains some stabilization of the situation with the spread of coronavirus in Europe. For example, Germany, Italy and Spain report a slowdown in the number of new infected people, while Denmark is gradually repealing quarantine restrictions previously introduced. European investors are now focusing on consumer inflation statistics for March in France, Spain and Italy. With the opening of the American session, the focus will shift to the March dynamics of retail sales and the new economic review (Beige Book) from the US Federal Reserve.

GBP/USD

GBP is trading with multidirectional dynamics against USD during today's Asian session, consolidating near the local highs since March 12. GBP is showing growth amid the development of correctional sentiment in USD as the situation with coronavirus in Europe stabilizes. European countries publish encouraging statistics on the dynamics of the morbidity and mortality from the virus, which gives hope for the gradual lifting of quarantine restrictions and the restoration of economic activity. In the next few days, the UK government should decide to extend the restrictive measures. The negative and at the same time the most realistic scenario suggests that the deadlines will be extended until early May.

NZD/USD

NZD declines against USD during today's Asian session, retreating from local highs updated the day before. The decrease in the instrument is largely technical in nature, while USD remains under pressure against the background of a gradual improvement in the situation with coronavirus in Europe. Slight pressure on NZD is exerted by the publication of weak macroeconomic statistics from New Zealand. The data released yesterday reflected a sharp decrease in Visitor Arrivals in February by 10.8% YoY after an increase of 2.9% YoY in January. It is obvious that the March statistics for this indicator will be even worse due to the travel restrictions introduced everywhere. REINZ House Price Index for March released today slowed sharply from +3.1% MoM to +0.7% MoM, which also turned out to be worse than the average market expectations.

USD/JPY

USD continues to decline against JPY, updating local lows since March 18 during today's Asian session. Demand for USD is noticeably declining in the market as prospects with a coronavirus in Europe improve. Additional pressure on USD is exerted by weak macroeconomic statistics from the US, which indicates the approach of a deep economic crisis, which threatens the whole world. According to estimates of the International Monetary Fund, the global economy may decline by 3% in 2020. Today, investors are awaiting the publication of macroeconomic statistics from the US on the dynamics of Retail Sales and Industrial Production for March. Closer to the end of the afternoon session, the Fed will release an updated economic review called The Beige Book.

XAU/USD

Gold prices show flat dynamics during today's Asian session, somewhat deviating from record 7-year highs, updated the day before. Demand for gold is growing in proportion to its decline in USD, as the prospects for coronavirus improve the uncertainty associated with damage to the global economy from widespread restrictions grows. It is obvious that in 2020 the world economy will show a decline, but how deep the economic crisis will be is not yet known. It should also be noted that different regions will suffer from the crisis in different ways. Europe, for example, is already showing decline in the number of new cases, while in some regions steady growth is still observed.

EUR/USD

EUR shows moderate growth against USD during today's Asian session, correcting after a two-day decline, which led the instrument to updating local lows of April 7. There is still uncertainty in the market. Under the influence of new macroeconomic publications from the USA, as well as due to the extension of quarantine restrictions by some countries, investors tend to buy a "safe" USD, albeit with some reservations. Data released on Thursday in the US indicated an increase in Initial Jobless Claims for the week ending April 10 by 5.245M, which turned out to be worse than forecasts of 5.105M, but still slightly better than last week when 6.615M people applied for benefits. Philadelphia Fed Manufacturing Survey fell by 56.6 points in April, which was almost twice as bad as market expectations. European investors today are focused on the March statistics on consumer inflation in the euro area in March.

GBP/USD

GBP shows a slight increase during today's Asian session, almost completely compensating for the decline yesterday. Pressure on GBP is exerted by the fact that the UK, due to the rather difficult epidemiological situation in the country, extends the restrictive measures for another 3 weeks. An additional negative factor for the instrument is the uncertain outlook regarding a trade agreement between the EU and the UK. After leaving the EU, the country entered a transitional period, during which it must reach a final agreement with the EU on a number of pressing issues. Earlier, the UK categorically refused the proposal of the European Union to extend the deadline for concluding the final deal, which in the current conditions of restrictive measures could play against London and would aggravate the risks of the hard Brexit.

NZD/USD

NZD is showing strong growth against USD during today's Asian session, correcting after a steady decline over the previous two sessions in a row. The instrument adds about 0.80% and tests 0.6020 for a breakout. The reason for the appearance of correctional dynamics at the end of the week is another weakening of USD in the market, while the general interest of investors in "safe" assets remains high. Today, traders are focused on the publication of Chinese statistics. China's GDP in Q1 2020 showed a decrease of 6.8% YoY after an increase of 6% YoY in the previous period. Analysts had expected decline by 6.5% YoY. In quarterly terms, GDP decreased by 9.8% QoQ, which generally met investor expectations. Industrial Production in March decreased by 1.1% YoY, which turned out to be significantly better than the forecasts of –7.3% YoY. In February production decreased by 13.5% YoY.

USD/JPY

USD is falling slightly against JPY during today's Asian session, retreating from Monday's local highs, updated the day before. The appearance of correctional dynamics is due to a decrease in USD at the end of the week, while JPY remains under pressure from weak statistics from Japan. In addition, Japanese investors react negatively to the expansion of the state of emergency in Japan, which is now spreading throughout the country. Industrial Production in Japan in February showed a decrease of 0.3% MoM and 5.7% YoY, which turned out to be noticeably worse than last month: +0.4% MoM and –4.7% YoY. Capacity Utilization in February fell by 1.8% after rising 1.1% in January. Tertiary Industry Index for the same period decreased by 0.5% MoM after rising by 0.8% MoM in January.

XAU/USD

Gold prices are declining markedly during today's Asian session, developing a weak correctional impulse that has formed last Wednesday. The day before, the instrument showed insignificant growth, which was due to the expansion of quarantine measures in a number of countries, as well as the publication of disappointing macroeconomic statistics from the United States, which increased concerns about the magnitude of the recession in the global economy. At the same time, demand for USD remains quite high, as investors still buy it as a "safe" asset.

EUR/USD

Today, during the Asian session, the EUR/USD pair is noticeably declining, approaching the local lows of last Friday amid growing concerns about the state of the world economy and its prospects. Now, EUR has lost about 0.25% and is testing the level of 1.0830 for a breakdown. Yesterday, investors were frightened by a sharp decline in oil futures, which during the one trading day experienced the largest collapse in history and went into the negative zone due to the extremely low demand amid widespread restrictions on the people’s movement and overflowed storage facilities. On Monday, in response to the previously published Chinese statistics, the People’s Bank of China decided to once again reduce the interest rate from 4.05% to 3.85%, which also added negativity to the market. On Tuesday, European investors are focusing on the publication of the results of a ZEW study on business sentiment in the EU and Germany for April.

GBP/USD

Today, during the Asian session, the GBP/USD pair shows ambiguous dynamics, developing the “bearish” impulse formed yesterday and renewing local lows of April 9. The negative trend was due to another wave of investors’ aversion from risk, which intensified after a record collapse in oil quotes, as well as growing uncertainty about the prospects for a global economic recovery. On Tuesday, traders are focused on the March report on the UK labor market, which could put significant pressure on the pound. In particular, analysts expect a sharp increase in Claimant Count Change to 172.5K after rising by 17.3K in February. An important block of national statistics will also appear on Wednesday when the March report on consumer and industrial inflation will be released.

AUD/USD

Today, during the Asian session, the AUD/USD pair is falling, testing the level of 0.6300 for a breakdown. Also to another surge in demand for safe assets, AUD is under pressure of the published RBA Meeting Minutes and the speech of its head Philip Lowe. The main part of his speech was devoted to the prospects of the national economy in the context of the spread of the pandemic and widespread restrictions. The head of the RBA expects that in the second half of 2020, there will be the most significant decline in production since the 1930s and a drop in citizens' incomes. By June, GDP may drop by 10%, while unemployment may jump by 10%.

USD/JPY

Today, during the Asian session, the USD/JPY pair is slightly falling, continuing the development of flat dynamics in the short term. For a long time, investors cannot decide on a favorite: the demand for USD is supported by the general negative mood of the market, while JPY is attractive during the publication of recent disappointing US macroeconomic data. US corporate reports are now being published, which reflect a sharp drop in income and economic activity in almost all sectors of the economy. For example, yesterday, it became known that Walt Disney intends to stop paying salaries to more than 100K of its employees amid the widespread closure of amusement parks and movie theaters, as well as freezing the new filming.

XAU/USD

Today, during the Asian session, gold prices are consolidating, dropping slightly after strong growth at the beginning of the week, when demand for the instrument was supported by growing uncertainty in the market. At the end of last week, the rate fell quite actively in response to Donald Trump's unveiled plan to phase out the US economy. At the beginning of the week, investors are not so optimistic. In particular, they were frightened by a record decline in oil prices, which showed the most negative dynamics in the history of observations. Additional pressure was exerted by another interest rate cut by the People’s Bank of China, which is trying to support the epidemic-affected economy.

EUR/USD

Today, during the Asian session, the EUR/USD pair is slightly decreasing, continuing to develop the “bearish” impulse formed yesterday. Now, EUR is testing the level of 1.0800 for a breakdown, renewing local lows of April 7. Low demand for risky assets puts pressure on the position of the single currency. On Thursday, investors are awaiting a meeting of the European Council, at which, as expected, the leaders of the EU countries will discuss a plan for economic recovery after the crisis. Also, today, traders are focused on the publication of preliminary indexes of business activity in Germany, France, and the EU in April.

GBP/USD

Today, during the Asian session, the GBP/USD pair is slightly strengthening, consolidating after moderate growth yesterday, which allowed the pound to retreat from local lows of April 7. The market situation is developing in the same trend, and investors are currently not interested in the additional purchase of risky assets. However, the position of the US currency often also remains under pressure amid uncertain prospects and the publication of poor macroeconomic statistics from the United States. On Thursday, British investors are focused on the publication of statistics on business activity from Markit in the EU, the US, and the UK. With the opening of European markets, indices in the manufacturing and services sectors for April will be released. Analysts expect the appearance of poor data but the true volume of deceleration is still difficult to predict.

AUD/USD

Today, during the Asian session, the AUD/USD pair is stable and its dynamics are flat in the short/ultra-short term. AUD is under pressure by Australian macroeconomic statistics on business activity. Thus, the Commonwealth Bank Manufacturing PMI fell from 49.7 to 45.6 points for April against the forecast of 49.2 points. Service PMI collapsed from 38.5 to 19.6 points, while investors expected its growth to 46.6 points.

The statistics on the dynamics of Australia's import/export for March was interesting. According to preliminary estimates, exports rose by 29% MoM after a decline of 5% MoM in February. Imports for the same period grew by 10%, while for February its dynamics were negative at the level of –4% MoM.

USD/JPY

Today, during the Asian session, the USD/JPY pair shows flat dynamics, continuing the development of the sideways trend that was formed in mid-April. Demand for the yen remains moderately high but investors would not buy new volumes, preferring to wait for clarity in the future development of the situation. Macroeconomic statistics from Japan published on Thursday did not support the national currency but it came out better than the most negative forecasts of investors. So, Manufacturing PMI for April fell from 44.8 to 43.7 points. The index of coincident indicators for February decreased from 95.7 to 95.5 points against the forecast of growth to 95.8 points. The leading indicators index for the same period rose from 90.7 to 91.7 points, which was slightly worse than the market expectations of 92.1 points.

XAU/USD

Today, during the Asian session, gold prices are relatively stable and are trading near local highs, renewed yesterday, when the instrument showed the strongest growth in the last week. Investors are still actively buying the precious metal amid a sharp collapse in oil quotes, which has strengthened the general negative background in the market and concerns about the protracted recovery of the global economy. Nevertheless, traders have also to sell the instrument to cover their losses in currency, which leads to the appearance of correction waves.

EUR/USD

EUR shows a slight increase against USD during today's Asian session, continuing the development of Friday's "bullish" momentum, which allowed the instrument to retreat from local lows since March 24. The growth of EUR is largely due to technical factors, while pressure on the instrument remains on the background of growing risks for the global economy. Additionally, EUR is weakening due to the uncertainty surrounding new stimulus measures in the eurozone economy. Last week, European leaders agreed on an initial plan to support the region’s economy, but they failed to agree on the format of this assistance: either it should be free tranches, or some kind of soft loans. Last Friday, macroeconomic statistics from Germany reflected a further decline in business sentiment in the country.

GBP/USD

GBP has shown strong growth during today's Asian session, updating local highs since April 21. The instrument adds about 0.50% and is actively testing the level of 1.2430 for a breakout. GBP is strengthening amid a marked increase in investor interest in risk, despite the fact that fundamentally the situation is changing slightly. The macroeconomic statistics on Retail Sales in the UK published last week turned out to be sharply negative. In March, sales decreased by 5.1% MoM and 5.8% YoY, which turned out to be noticeably worse than market expectations (–4% MoM and –4.7% YoY). Data from the USA, in turn, were slightly better. Michigan Consumer Sentiment Index rose from 71 to 71.8 points in April, with a forecast of a decrease to 68 points. Nondefense Capital Goods Orders ex Aircraft in March grew by 0.1% MoM after a decrease of 0.8% MoM in the previous month. Experts expected a sharp drop of 6% MoM.

AUD/USD

AUD has shown strong growth during today's Asian session, updating local highs since March 12. The instrument began a new week with an active increase, despite the fact that the macroeconomic background remains empty, and Australian investors are only now returning to trading after a short working week. The market is gradually recovering after the collapse of oil prices at the beginning of last week, which made many traders seriously nervous. In addition, analysts are optimistic about May, expecting that a number of countries may begin to mitigate the restrictive measures introduced earlier amid the spread of the COVID-19 epidemic.

USD/JPY

USD is falling against JPY during today's Asian session, updating local lows since April 16. USD shows correctional dynamics at the beginning of the new week across almost the entire spectrum of the market, which is mainly due to technical factors. Investors are focused today on the Bank of Japan decision on the interest rate. As expected, the Japanese regulator left the key interest rate unchanged at –0.1% per annum. In a published protocol, the Bank of Japan designated the COVID-19 epidemic as the main "bearish" risk for the Japanese economy. On Tuesday, investors expect the publication of March data on the Japanese labor market. It is expected that the Unemployment Rate in March may rise from 2.4% to 2.5%, which, however, will also not reflect the current market situation, since the Japanese government introduced severe restrictions due to the coronavirus epidemic somewhat later.

XAU/USD

Gold prices are declining during today's Asian session, continuing to develop a weak "bearish" impulse, formed last Friday. Analysts explain the current decline in the instrument only by technical factors, while demand for gold remains high amid worsening economic prospects due to the COVID-19 epidemic. In addition, investors expect new stimulus measures from the world's leading financial regulators, which will make the position of gold even more attractive. This week, the ECB and the Fed will hold their meetings on the interest rate.

EUR/USD

EUR shows strong growth against USD during today's Asian session, again making an attempt to grow, which failed yesterday. On Tuesday, EUR updated local highs since April 20, but failed to consolidate at new levels and returned to the red zone closer to the end of the afternoon session. European investors are focused on the ECB meeting, which will be held tomorrow. Prior to this, the focus of market attention will be riveted to today's Fed meeting. In addition, with the opening of the American session, traders will expect the release of quarterly data on US GDP, which will assess the extent of the slowdown in the US economy due to the widespread restrictions caused by the COVID-19 epidemic. Among macroeconomic publications on Wednesday, one should also pay attention to statistics on business activity in the eurozone and data on consumer prices for April in Germany.

GBP/USD

GBP shows moderate growth during today's Asian session, continuing the development of an uptrend against USD since April 22. Yesterday, GBP managed to renew local highs since April 17; however, the instrument failed to consolidate on new levels, as investors are in a hurry to minimize their risks before the Fed and ECB meetings. Today, the US regulator is expected to meet, and despite the fact that analysts do not expect significant changes in the monetary policy vector, investors are nervous because the global economy remains in a difficult situation. The US have the resources to implement various programs to support the national economy, but sometimes it seems that these measures will not be enough to prevent a sharp slowdown in production, rising unemployment and worsening economic prospects for the next few years.

AUD/USD

AUD is showing moderate growth against USD during today's Asian session, updating local highs of March 11. The instrument adds about 0.65% and is testing the level of 0.6530 for a breakout. The pair is supported by growing cautious optimism that in May many European countries will begin to phase out the previously imposed restrictions on businesses work and the movement of citizens. In addition, investors prefer to wait for the publication of quarterly data on US GDP and the results of today's Fed meeting. Published macroeconomic statistics from Australia also provides some support to the pair. RBA Trimmed Mean CPI in Q1 2020 showed an increase of 0.5% QoQ, contrary to forecasts of a slowdown to 0.4% QoQ. YoY, the growth of the index accelerated from 1.6% to 1.8%.

USD/JPY

USD is falling against JPY during today's Asian session, updating the lows since March 17. Pressure on USD is exerted by the upcoming meeting of the US Fed, as well as the publication of the dynamics of US GDP for Q1 2020, which is likely to reflect a sharp slowdown in the US economy due to large-scale restrictive measures. Data from Japan worthy of attention will appear only tomorrow, when March statistics on retail sales dynamics and industrial production volumes are released. In addition, on Thursday, Japan will release March figures for the construction market.

XAU/USD

Gold prices show a slight increase during today's Asian session, continuing the uncertain "bullish" momentum that formed during the evening trading on Tuesday. Pressure on the instrument quotes is exerted by a slight improvement in market sentiment due to the fact that many European countries are ready to begin a phased easing of restrictions in May. Similar statements were made by some US states, despite the warnings of health experts. Another increase in the instrument was caused by the upcoming meetings of the Fed and the ECB, which will be held on Wednesday and Thursday, respectively. Analysts fear that regulators will not take new steps to maintain the economy, while macroeconomic publications (especially in the US) will signal a sharp deterioration in the situation.

AUD/USD: technical analysis
AUD/USD, H4

On the H4 chart, a downtrend is forming and an upward correction is observed. The instrument is trading near the lower border of Bollinger Bands; the indicator cloud is expanded, which indicates the likely resumption of decline in the short term, at the end of the correction. MACD histogram is in the negative zone, gradually increasing volumes; the signal line is about to cross the zero level from above, after which a signal will be formed to open short positions. Stochastic is in the oversold zone and its lines are directed horizontally.

AUD/USD, D1

On the D1 chart, the uptrend is still in force. The instrument corrected to the center line of Bollinger Bands; the indicator cloud is narrowing, and a lateral trend is likely to form in the short term. MACD histogram is in the positive area. The signal line is crossing the body of the histogram from below retaining a signal for opening long positions. Stochastic left the overbought zone, having formed a sell signal; the oscillator lines are directed downwards.

Key levels

Resistance levels: 0.6410, 0.6445, 0.6470, 0.6485, 0.6510.
Support levels: 0.6370, 0.6337, 0.6300.