Attention on the OPEC Plus Extraordinary Meeting and the Eurozone Finance Ministers' Meeting! "Highlights on April 9 and Event Schedule"

Yesterday in the Tokyo market, stock prices fell for a while, and risk currency/resource currencies were sold off.

However, in the European and American markets, stock prices turned higher and resource currencies were bought.

The trend of risk-off retreat seems likely to continue today as well, but from today large portions of Europe and the United States will be on vacation.

Because there may be position adjustments, I think caution is necessary.

Today the US bond market will have shortened trading, so liquidity in the NY market's latter half may decline.

In the low-liquidity environment, when an extraordinary OPEC Plus meeting or Eurozone finance ministers' meeting results are announced, prices can swing widely, so be careful.

◎ Today's Points of Attention

1) OPEC Plus Extraordinary Meeting

Yesterday, there were positive comments from Russia and the United States about coordinated production cuts.

The key is whether an agreement on coordinated production cuts can be reached at today’s meeting of OPEC member and non-member countries.

Also, if an agreement on coordinated cuts is reached, attention should be paid to the amount of the cuts.

Yesterday, crude oil prices surged on positive comments about production cuts from the US and Russia.

If a production cut agreement is reached at the OPEC Plus extraordinary meeting, it is expected to lead to a sharp rise in crude oil prices, depending on the caliber of the cuts.

2) Eurozone Finance Ministers' Meeting

At yesterday's Eurogroup meeting, agreement on the coronavirus response budget could not be reached, and it has been postponed to today.

Because an agreement on the response budget could not be reached, the euro dropped sharply for a time.

There is a large gap between Germany and the Netherlands, who are skeptical of coronavirus bonds and related budget measures, and Italy and Spain, which have imposed lockdowns due to the infection. It is unclear whether an agreement can be reached today.

Attention is on how far the budget proposal will be worked out and whether an agreement can be reached in today’s meeting.

3) Economic Indicators

Initial Jobless Claims

This indicator has had a huge impact on the market as numbers were exceptionally different in the last two weeks.

With forecasts for about 8 million this week as well, outcomes today could cause significant movement.

Canada Employment Statistics

This is the employment data reflecting the impact of the coronavirus.

Last week’s US employment data showed job losses and rising unemployment, and all eyes are on how much impact Canada’s employment data will show today and what numbers will come out.

◎ Today’s Economic Calendar

Thursday, April 9

US Bond Market Shortened Trading

OPEC Plus Extraordinary Meeting

Eurozone Finance Ministers' Meeting

10:30 AUD RBA Quarterly Financial Statement

14:00 JPY Bank of Japan Regional Economic Report (Sakura Report)

15:00 GBPUK GDP

20:30 EURECB Monetary Policy Meeting Minutes

21:30 USDUS Initial Jobless Claims

21:30 CADCanada Employment Change and Unemployment Rate

23:00 USD University of Michigan Consumer Confidence Index

23:00 USDPowell, Chair of the Fed, Speech

Okachan-man Recommended Analysis Tool

TradingView

It covers a wide range of currency pairs, commodities, bonds, stock indices, and more, making it a platform for various analyses.

Across forex, stocks, bonds, and commodities, markets are interrelated, and comparing them can be advantageous for trading.

Being able to overlay forex with stock indices or forex with commodities on a single chart is very convenient for comparisons.

Many features are free to use, so why not give it a try!

It also has social features, so please follow us↓↓↓

https://jp.tradingview.com/u/okachanman/