Daily Update - 28th April 2020
The dollar declined against the Japanese yen on Monday after the Bank of Japan expanded stimulus to help companies hit by the coronavirus crisis while the pound rose against the dollar and euro on optimism Britain may soon ease a month-long lockdown. The BOJ’s decision to remove limits on its government bond purchases and increase corporate debt buying was widely expected and puts it in line with other major central banks that have unleashed unprecedented amounts of monetary support. Analyst says reopening plans have fed into positive market sentiment to start the week. The euro gained against dollar on Monday as traders grew less averse to risk amid an easing in coronavirus lockdowns in several countries. Italy, which has the world’s second-highest rate of coronavirus deaths, is among the countries that have laid out plans to allow businesses to reopen. The single currency was also supported after credit-rating agency Standard & Poor’s on Friday reaffirmed Italy’s BBB rating. Many had expected a downgrade. The Canadian dollar strengthened against its U.S. counterpart on Monday as additional stimulus measures to ease the economic pain of the coronavirus pandemic and some countries' plans to loosen lockdown restrictions bolstered investor sentiment globally. Canada runs a current account deficit and is a major exporter of commodities, including oil, so the loonie tends to be sensitive from the global flow of trade and capital. The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. Yesterday's Market
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