S&P 500 index at the close of last week - the US market dipped -2.5%.
The decline was due to weak macroeconomic statistics that continue to pile up, as well as to Trump's new round of complaints against China - Trump is now accusing China for intentionally hiding information on the coronavirus. Reports on US companies are also negative. The latest growth of the US market is so contrary to the economy's situation that, for example, Tesla's head Elon Musk publicly stated that his company's shares are too expensive. The stocks sank afterwards.
EUR/USD: The euro rallied at the close of last week due to the weak macroeconomic reports that hit the dollar.
Come Monday morning, the euro drew a normal correction.
US employment reports are to come out this week, on Wednesday and Friday, which expects a figure of 21 million unemployed in April and an unemployment rate of 16%. Meanwhile, ISM service report will be released on Tuesday, where a strong fall from 52 points to 36-38 points in March is expected.
Keep buying euros from 1.0850, stop at 1.0830
Possible purchases from 1.0920.
Coronavirus updates:
Europe lifts quarantine. Daily deaths in Italy, Spain and France fell to lows, below 200. In Britain, deaths were more than 315 per day, but this is a significant decrease.
In the United States, fatality dropped to 1,150 per day, which is the lowest recorded for the month. The number of active cases, meanwhile, remain unchanged.
Russia, on the other hand, recorded a huge increase in new cases per day - +10,600, second place after the US. Thus, as of May 3, active cases in Russia amounted to 134.7 thousand. This was due to queues in the subway, arranged by the Moscow authorities on April 15, with the introduction of passes.
New data for Russia will be released after 8:30 London time at the "Trader's Diary" review.
To conclude, the global economy is starting to slowly lift quarantine - the whole Europe will exit before the end of May, while the US will come out unevenly.
