Nasdaq 100 futures trade higher for the third consecutive session as investors sentiment improves after five states let some of the businesses to reopen. Yesterday stocks gapped higher in Wall Street amid optimism of a rebound in the economy and despite the sharply falling crude oil prices. Investors await the policy meetings from ECB and Fed with the prospect of more monetary stimulus measures. Fed already announced the extension of its program to buy bonds directly from states and cities to include more local communities. Federal Reserve has increased the assets on its balance sheet by more than $2 trillion since the beginning of the coronavirus crisis to an all-time high of $6.6 trillion.
The US March advance goods trade balance came in at -$64.2 billion well below the expectations of -$55.0 billion, the previous reading was a deficit of 56.36 billion. The US wholesale inventories came at -1% for a March below the expectations of -0.4%.
The Nasdaq futures are 1.17% higher at 8,871, the S&P futures are 0.95% higher at 2,856. The Dow Jones futures are 0.90% higher at 23,874.
European markets trade sharply higher by midday, ahead of the ECB meeting with analysts expecting to keep the interest rates unchanged but increase the bond-buying program including and the fallen angels bonds. FTSE 100 is 1.90% higher at 5,956. DAX Index is 1.80% higher at 10,853 as Ifo Institute warns that the German economy might contract by 6% in 2020. The CAC 40 is 1.88% higher at 4,589. The FTSE Mib is 1.46% higher at 17,876.
Cryptocurrencies are trading mixed by midday, but Ripple outperforms. Bitcoin price consolidates at six-week highs, and as of writing is 0.15% lower at 7,775. Ethereum is 0.35% higher at 197.35, while Litecoin is 0.56% higher at 44.81. Ripple price is 5.71% higher at 0.2085, and as we mentioned yesterday, a break above the recent consolidation looks possible.
Crude Oil Price Plunge As Storage Worries Persists
Brent crude oil price is 6.76% lower at $19.99 while the WTI June delivery futures are giving up 6.81% at $11.93 per barrel. Gold price managed to rebound above 1,710 after hitting in early morning 1,692, while the Silver price is 0.10% higher at $15.15.
In the foreign exchange markets, EUR/USD roars back as dollar weakens ahead of Fed and ECB decisions, as of writing is 0.34% higher at 1.0866. AUDUSD is 0.52% higher at 0.6498. Japanese yen is stronger against the greenback. USDCHF is 0.22% lower at 0.9730. NZDUSD is 0.22% higher at 0.6060. Bullish pennant on GBPUSD hints at more upside potential; Keep tabs on these levels.