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Federal Reserve Announce $2.3 Trillion in Loans to Support Economy

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  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.22% Silver: 2.57% Gold: 2.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/aLOug7Zqhq
  • Fed Chair Powell: - Ability to lend and create money is only limited by the law - BBG
  • Fed Chair Powell: - Expecting Q2 to be very weak - Recovery should be quick when people start returning to work $DXY
  • New York Fed Purchases $6 B in Treasury Coupons
  • Heads Up:🇺🇸 USD U. of Mich. Sentiment (APR P) due at 14:00 GMT (15min), Actual: N/A Expected: 75.0 Previous: 89.1 https://www.dailyfx.com/economic-calendar#2020-04-09
  • Merkel: - Measures to slow virus will not likely need tightening
  • Merkel: - Spread of virus shows signs of slowing in Germany
  • Alongside reports that UK Prime Minister Boris Johnson’s health is improving after he contracted Covid-19 and was moved to an intensive care unit, that should give $GBPUSD a near-term boost. Get your GBP/USD market update from @MartinSEssex here: https://t.co/hhgLDWnX60 https://t.co/aLlYpmWhdk
  • Mnuchin: - Pres. Trump will address more hospital aid in next bill - New Fed facilities will create up to $2.3 T of liquidity - Fed facilities will be flexible
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.76% France 40: 1.65% Wall Street: 1.52% US 500: 1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tM96Oq3y4W
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USD, EUR, GBP AUD, Gold, Oil, Dow Jones & More - Weekly Forecasts as Coronavirus Grips Markets

The US dollar ripped to a 3-year high before pivoting lower as supply chain disruptions, largely due to the coronavirus outbreak, pushed business activity to a 76-month low.

Amid the deterioration in sentiment and rise in recession risk, spot gold prices spiked to a 7-year high while the stock market retreated from its record.

Meanwhile, a broader selloff in risk assets like crude oil and the Australian Dollar pushed the commodity and major currency pair markedly lower.

The coronavirus outbreak and it’s corresponding impact on global GDP growth outlook will likely linger as a key theme to watch over the coming trading sessions.

Take a look at the fundamental and technical forecasts below for detailed insight on what our analysts are expecting across the global market next week.

Fundamental Forecasts:

Gold Forecast: Bullion Bid on Recession Risk, Inverted Yield Curve

Gold might extend its advance – even after climbing to its highest level in seven years – as an inverted yield curve rekindles recession fears amid the ongoing coronavirus outbreak.

Euro Weekly Outlook: No Sign Yet of a Significant Rally

EUR/USD has been weakening since the start of 2020 and the decline has accelerated this month. At some point there will be a correction but further losses are still likely as the year progresses.

Crude Oil Torn Between Iran Election, Coronavirus and G20 Summit

Crude oil prices may rise on supply-disruption fears after the outcome of the Iran election, but infected sentiment from coronavirus fears may derail Brent’s recovery ahead of the G20 summit.

Australian Dollar Data Drought Leaves Virus Headlines in Charge

The Australian Dollar remains severely weighed down by coronavirus worries and a lack of domestic data points will probably keep that story in the driving seat.

Dow Jones, Nasdaq 100, DAX 30, Nikkei 225 Forecasts for the Week Ahead

Last week saw stocks unravel as some of the globe’s major economies stumbled and coronavirus concerns rampaged. Will stocks continue lower in the week ahead?

USD/MXN Outlook: Growth to Return to Mexico in 2020

The Mexican economy contracted for the first time in almost 10 years in 2019, but growth is expected to pick up in 2020 according to its finance minister.

USD Weekly Price Forecast: The US Dollar's Attraction Remains Strong

The status of the US dollar as the safe-haven asset of choice remains untouched and any weakness in the greenback is likely to be short-lived.

Technical Forecasts:

Canadian Dollar Price Outlook: USD/CAD Losses Steepen- Loonie Levels

USD/CAD is weaker for a second week with the Canadian Dollar building on the recent price reversal. Here are the levels that matter on the Loonie weekly technical chart.

FTSE 100 & DAX 30 Technical Forecast for the Week Ahead

FTSE 100 testing key support as the index lacks a directional bias. DAX reverses off channel top.

Gold Price Technical Forecast Bullish as XAU/USD Targets 2013 High

Gold prices soared towards the 2013 high in the best week since June 2019. The medium-term XAU/USD technical outlook is bullish. The week ahead will be scrutinized for signs of a top.

British Pound Technical Forecast: GBP/USD, EUR/GBP, GBP/JPY, GBP/CHF

A number of macro items took attention away from the British Pound, but the backdrop appears set for potential in EUR/GBP, GBP/JPY and perhaps even GBP/CHF.

USD Forecast: Bullish Price Action to Persist Amid Extreme RSI Reading

The Relative Strength Index (RSI) undermines the recent rebound in GBP/USD as the indicator continues to track the bearish trend carried over from December.

Chart of Currency Performance US Dollar

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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