Forex Today: Markets shrug off horrible US jobs data, Bitcoin tumbles ahead of halving, lockdowns eyed


Here is what you need to know on Monday, May 11:

The week has kicked off where it ended, with cautious optimism in stocks, a marginally weaker dollar and only oil prices are on the back foot. Bad news seems to be priced in.

 

Coronavirus: Total confirmed cases have surpassed four million cases, with figures falling in Europe but flare-ups reported in South Korea and a new cluster in Wuhan, China. US infections remain elevated outside the New York area. 

America lost over 20 million jobs in April, within expectations, and the Unemployment Rate hit 14.7% as of mid-April, with employment losses reaching even the healthcare sector. The labor situation may get worse. The devastating figures were shrugged off by markets. Fresh consumer figures for April stand out later in the week. 

See US Non-Farm Payrolls Quick Analysis: When the worst sends markets higher

President Donald Trump reiterated his urge to return to normal while the disease has reached the White House with several cases reported among staff. Vice President Mike Pence is working out of the White House. 

Europe: France, Spain, and other countries are taking additional steps to ease the lockdowns as COVID-19 statistics improve across the continent. German's Reproductive rate (R) has topped 1 and caused some worried.

The European Commission is threatening to sue Germany over the country's constitutional court ruling that parts of the European Central Bank's bond-buying scheme is illegal. ECB President Christine Lagarde committed to doing whatever is necessary. EUR/USD is stable around 1.0850. 

UK: Prime Minister Boris Johnson announced a minor easing of the lockdown with further steps to conditionally come in June and July. His message was criticized by various groups and more clarity may come later in the day. Brexit talks resume as the EU accuses Britain of slow-walking topics that matter to Brussels while urging progress on others. GBP/USD has stabilized.

The Australian and New Zealand dollars are edging up amid the upbeat mood while the Canadian dollar is little changed as crude prices tick down. 

Cryptocurrencies: Bitcoin fell sharply over the weekend, nearing $8,000 before stabilizing above $8,500. Traders are awaiting the all-important "halving" event which will see new BTC produced at 50% of the previous rate. 

More Bitcoin points to $10450, awaiting the Halving

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats toward 1.0850 despite weak US employment data

EUR/USD retreats toward 1.0850 despite weak US employment data

EUR/USD loses its traction and declines toward 1.0850 after testing 1.0900 earlier in the session. Because Nonfarm Payrolls data for October missed the market expectation by a wide margin due to hurricanes and strikes, the US Dollar manages to hold its ground.

EUR/USD News
GBP/USD climbs above 1.2950, looks to end week little changed

GBP/USD climbs above 1.2950, looks to end week little changed

GBP/USD benefits from the improving risk mood and trades in positive territory above 1.2950 in the American session on Friday as markets ignore the weak labor market data from the US. The pair remains on track to end the week flat.

GBP/USD News
Gold clings to small gains near $2,750 after US data

Gold clings to small gains near $2,750 after US data

Gold clings to marginal recovery gains and trades slightly above $2,750. The 10-year US Treasury bond yield struggles to push higher after the dismal October jobs report and weaker-than-expected PMI data from the US, helping XAU/USD keep it footing.

Gold News
Bitcoin Weekly Forecast: Run toward fresh all-time high hinges on US presidential election results

Bitcoin Weekly Forecast: Run toward fresh all-time high hinges on US presidential election results

Bitcoin could experience a price pullback in the next few days ahead of the US presidential election, analysts say, an event that will be key to determining whether and how the crypto class will be regulated in the years to come.

Read more
Bank of Japan holds rates steady amid signs of modest GDP growth

Bank of Japan holds rates steady amid signs of modest GDP growth

Monthly industrial production results have been mixed but generally indicate a modest recovery in third-quarter GDP. Clear guidance from the Bank of Japan remains elusive, with each upcoming meeting being pivotal.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures