Today, the focus is on additional incentives for small businesses in the United States, the meeting of Saudi oil heads and the United States, as well as leave without pay for Tesla employees.
News
Trump’s proposals for the allocation of an additional $250 billion to support small businesses will be supported by the House of Representatives. Affects Russell 2000
Hong Kong will allocate over $17 billion to support companies and save jobs. Affects Hang Seng
The oil market is awaiting the results of the meeting of oil-exporting countries. Affects Brent
Tesla reduces staff salaries. Affects Tesla
US senators will meet with the oil industry of Saudi Arabia to discuss the situation in the oil market. Affects Brent
Calendar
11:30 GMT
The minutes of the ECB meeting on monetary policy will be published. The contents of the document may lead to increased volatility in EUR.
12:30 GMT
There will be a report on the number of initial applications for unemployment benefits in the United States. If the figure exceeds the forecast of 5.250 thousand, the USD will come under pressure.
Technical Analysis
Tesla
The company announced radical cost-cutting measures. Firstly, employee salaries will be reduced by 10–30%. Secondly, many will be sent on unpaid leave due to the closing of production.
If the situation around COVID-19 in the USA does not worsen, then the company’s shares could see an upturn. Fibonacci levels indicate a likely strengthening of quotes to the level of 640.
GBP/USD
In the foreign exchange market, there is a general downward trend for the US dollar. Given the fact that the asset’s chart has formed a “flag” figure, the bullish trend of the asset can continue.
EUR/NZD
The downward trend of the currency pair will continue to at least 1.08500. Investors can bet in favor of the New Zealand currency, since this country is not so affected by COVID-19, in comparison with the EU.
NZD/CAD on this day in history
- Since 2000, Apr 9th has been a trading day 14 times.
- On 71% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.99%.
- The downward trend was limited to 1.61%.