Commodity currencies drew support on Thursday from hopeful signs the coronavirus pandemic may be peaking and that major oil producers may agree to cut output to stem a plunge in oil prices.
FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo, down slightly but still near its highest level since mid-March, maintaining most of its gains since rallying from a 17-year trough of $0.5510 touched three weeks ago.
“New York reported its biggest death toll while infections hit the highest level in four days in Spain and three days in Italy,” said Tohru Sasaki, head of Japan market research at JPMorgan. “All these are negative but forecasts both from governments and experts that the peak could come within days are leading markets not to focus on those details.”
On top of hopes of a peak in the epidemic, commodity-linked currencies, including the Aussie, got an additional boost from hopes that major oil producing countries could agree to cut output at a video conference on Thursday.traded at C$1.4025 per U.S. dollar, not far off this week's peak at C$1.3945. The Canadian currency has been recovering from a four-year low of C$1.4669 hit on March 20.
“Markets are now looking to the meeting of OPEC Plus. Some people are having high expectations but getting a deal could be tricky,” said Kyosuke Suzuki, director of currency trade at Societe Generale in Tokyo., having slipped 0.35% on Wednesday, after European Union finance ministers failed in all-night talks to agree on more economic support for their coronavirus-stricken economies.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Oil rises 3% on hopes for output cut as coronavirus ravages demandOil prices gained on Tuesday as hopes rose that the world's biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected.
Lire la suite »
Oil prices jump on hopes for OPEC, Russia meeting on output cutsOil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
Lire la suite »
Asia shares set to follow Wall Street's rallyAsian shares were poised to track Wall Street's gains on Thursday on hopes the coronavirus pandemic is nearing a peak and that governments would roll out more stimulus measures.
Lire la suite »
Exxon cuts capital spending by 30%, but CEO says it's 'committed to maintaining' dividendExxon is cutting its capital spending by 30% as the coronavirus pandemic continues to hammer oil prices.
Lire la suite »
Russia, Saudi to debate oil output cuts as U.S. resists joiningOPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action.
Lire la suite »
U.S. entering 'peak death week' in coronavirus pandemicAdm. Brett Giroir, from the White House coronavirus task force, warned hospitalizations for COVID-19 will increase.
Lire la suite »