Nasdaq futures are trading lower after a strong risk-on rally yesterday, despite a historic jobless claims announcement. Traders today await the 2 trillion relief package bill by the House, but markets have already discounted the news the previous sessions. Meanwhile, the coronavirus cases in the U.S. now have surpassed cases in Italy and China.
On the economic data yesterday, the Initial Jobless Claims for March 20, skyrocketed to 3,283,000 from 282,000 the previous week, reflecting the impact of the coronavirus spread on the economy. The U.S. GDP came in at 2.1% in line with estimates for the fourth quarter. Core Personal Consumption Expenditures came in at 1.3%, beating the forecasts of 1.2% in the fourth quarter. The United States Goods Trade Balance rose from previous $-65.5 billion to $-59.89 billion in February.
Nasdaq futures are 1.88% lower at 7695, the Dow Jones futures are 2.13% lower at 21867, while. The S&P 500 futures are 2.11% lower at 2553.
European Indices Trading Lower
European indices trading lower after European finance ministers yesterday failed to come up with a comprehensive plan to finance the coronavirus impact with Germans once again argued against issuing coronavirus guaranteed bonds. The DAX Index is 2.24% lower at 9,777. The CAC 40 is 3.41% lower at 4,388. FTSE 100 is 3.83% lower at 5,593. FTSE Mib index is 2.14% lower at 16,998.
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Cryptocurrencies Retreat
Cryptocurrencies trading slightly lower giving up some of yesterday’s gains, Bitcoin price – BTCUSD priming for a rally beyond $7,000.00? And as of writing is 2.20% lower at $6607. Ripple Price retreat, but short-term sentiment improves, is trading 0.74% lower at 0.1757. Ethereum ETHUSD is 2.12% lower at 136.03, while Litecoin is 1.77% lower at 39.91.
Crude Oil Price Resumes Downtrading
Crude oil price is lower as the global lockdown disrupts global oil demand. The WTI crude price is 0.71% lower at $22.47. Brent crude oil is 4.29% lower at $25.67. Gold price trades 0.66% lower at 1618. Silver price pushes higher as liquidity improves and is 0.11% higher at $14.33.
In the forex markets, EURGBP jumped to 0.9092 after PM Boris Johnson tested positive for coronavirus. The British pound is 0.10% higher against the greenback at 1.1211. EURUSD is 0.23% lower at 1.1005. The Aussie dollar is 0.01% higher against the USD, while NZDUSD is 0.35% lower at 0.5937.
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