The U.S. Index, which measures the dollar strength against a basket of six currencies was lower on Wednesday’s trading session. The index ended the session at 101.91 as investors await the report of the Jobless claim.
The Initial Jobless Claims which measures the number of individuals who filed for unemployment insurance for the first time during the past week is due to be released later today's expectations show that the figure will jump to 1 million claims significantly higher the previous reading of 281,000.
Moreover, Investors are awaiting the passage of a $2 trillion U.S. stimulus package to offset the economic impact of the coronavirus pandemic, but some indications show that some U.S. states will need more money for medical supplies as the health care systems struggling to cope.
The program includes purchases of corporate bonds, guarantees for direct loans to companies and a plan to get credit to small and medium-sized businesses.
While this move might support companies in the long-run, investors remained worried amid uncertainty about the extent of the pandemic
Meanwhile, the coronavirus continues to spread as countries adopt extreme social restrictions trying to contain the outbreak.
The global death toll has exceeded 21,000, and the number of cases is approaching 500,000 and the economic fallout of what is in effect a global lockdown is spiraling.
Over in Europe, the Common currency was higher on Wednesday’s session The Common currency was slightly higher against the U.S. Dollar to finish at 1.0881.
In the economic space, The German Ifo Business Climate Index which measures the current German business climate and measures expectations for the next six months came at 86.1 lower than expectations of 87.7 and significantly lower than the previous reading of 96.
The Great British Pound was higher versus its counterpart, the U.S. Dollar, to settle at 1.1885 GBPUSD.
Regarding Safe-Haven assets, the Greenback was flat against the Japanese Yen, to end the session at 111.19 USDJPY. On the other hand, the Greenback fell versus the Swiss franc to trade at 0.9770 USDCHF.
The Precious Metal Gold fell versus the U.S dollar to finish the session at 1616 per ounce.
Elsewhere in Canada, the Loonie Dollar was higher versus the Dollar to finish at 1.4190 USDCAD the Canadian dollar is still under pressure by the fall of oil prices which fell sharply due to the coronavirus spread.
In Asia, the Aussie Dollar which is a proxy for the Chinese Yuan finished the session flat at 0.5957 AUDUSD but still pressured by the virus epidemic concerns, moreover, The Kiwi Dollar was higher finishing at 0.5849 NZDUSD.
Cryptocurrencies ended the session lower, with Bitcoin finishing the session at 6569 BTCUSD, while Etherium Finished higher at 132.9.
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