What you need to know on Monday, April 27th:
- The American dollar edged lower on Friday, but closed the week with gains, particularly against its European rivals. Commodity-linked currencies posted modest gains against the greenback, helped by gold soaring toward multi-year highs and a bounce in crude oil prices after collapsing to record lows.
- Weekend news may introduce quite some noise. Regarding the GBP and Brexit, EU’s Chief Negotiator Michel Barnier said that negotiations have been disappointing, hinting no progress made. The UK continues to refuse to extend the transition period, despite the ongoing crisis. Over the weekend, German’s Chancellor Angela Merkel warned that the kingdom would need to extend talks.
- There were market rumours about the possible death of North Korean leader, Kim Jong-Un. He was last seen on April 11, later submitted to cardiac surgery. News over the weekend reported that China sent medical experts to North Korea to advise on Kim’s health.
- Crude oil prices could be affected by headlines indicating that the US government ordered Chevron to halt oil production in Venezuela by December 1. The decision may have a limited impact on Chevron’s finances.
- Spot gold trades near multi-year highs as easy money continues to flood the markets. Worldwide economies continue with liquidity injections to keep economies afloat throughout the crisis.
- Cryptocurrency Market Update: Sunday range is a precursor for another big move