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Coming up: a guide to this week in the foreign exchange markets

As the coronavirus pandemic continues to rage around the world, foreign exchange traders are keeping a close eye on the day to day news of death tolls, economic restrictions, political responses and more.

But there are also some scheduled events on the economic calendar, too, and as usual they have the potential to move the markets.

Traders using brokers offering USD pairs, like Octa FX, are likely to keep a close eye on data releases from the US on Wednesday.

The 12.30pm GMT slot will see retail sales data for March come out. Month on month, this is widely expected to show a change from -0.5% to -8%.

At 1.15pm GMT, meanwhile, there will be an industrial production data release – also for March.

This is expected to show a change from 0.6% to -4%, again on a month on month basis.

Later in the day, the Federal Reserve’s so-called “Beige Book” – which provides information about the national economic outlook using information from each of the 12 regional districts of the Fed – will be released.

This is due to come out at 7pm GMT.

Looking ahead to Thursday, Europe will be in the spotlight during the morning session in the GMT timezone.

At 9am GMT there will be a release of industrial production figures for February. Month on month, this is expected to show a change from 2.3% to -0.7%.

Over in the US, meanwhile, joblessness claims will dominate the lunchtime slot. Initial jobless claims for the dates around April 10th are due out at 12.30pm GMT.

And continuing claims for the previous week will also be released at this time.

Both of these releases are likely to be closely monitored by traders keen to assess some of the economic effects of the going coronavirus-related lockdown and other policies in the US and beyond.

A speech from Silvana Tenreyro, who serves as a member of the Bank of England’s Monetary Policy Committee, will take place 1.30pm GMT.

Looking ahead to Friday, the morning will be busy with a range of key releases from China.

At 2am GMT, for example, industrial production figures for March will be out.

Year on year, this metric is expected to show a change from -13.5% to -5.6%.

Gross domestic product figures for the first quarter of 2020, however, are expected to show a very sharp drop when they are released at 2am GMT.

On a quarter on quarter basis, this is expected to show a change from 1.5% to -10% – suggesting that the coronavirus had an effect on the Chinese economy close to catastrophic at the start of the year.

European consumer price index for March is due out shortly afterwards at 9am GMT.

This is expected to reveal a month on month rise from 0.2% to 0.5% when it is published.

And on a year on year basis, meanwhile, no change from the previous position of 0.7% is expected to be recorded.

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China shows tentative recovery signs in bad news for dollar

The US dollar appeared to lose its position of dominance on Tuesday as trading got back underway in earnest following the long weekend.

Several major economies, including those in North America as well as many in Europe, took a few days off trading for the Easter weekend in recent days.

However, as trading volumes began to tick up again on Tuesday morning, it was revealed that Chinese trade balance information was more positive than had previously been expected.

According to the figures, Chinese exports denominated in the yuan – which is the country’s currency – were down just 3.5% last month (March) compared to the same month the year before.

While this was still a drop, it was considered by many to be a low drop when positioned in the wider context of the coronavirus pandemic.

The level of imports into the country were shown to have gone up – this time by 2.4%.

The release of this data had a knock-on effect for several other currencies across the globe.

The Australian dollar, for example, was up by 0.7% at one stage – reaching $0.6432 in its position against the US dollar.

This was largely because the Aussie dollar is deeply connected to the fortunes of the Chinese economy.

It tends to perform well when the Chinese economy does well because of the trading relationship between the two Asia-Pacific region nations.

Elsewhere, the New Zealand dollar – which also has a connection to China when it comes to value – was up by 0.6% at one stage in its greenback pair.

It was noted at $0.6131 here.

However, some analysts are beginning to predict that the Australian dollar in particular could be about to undergo a period of suffering.

This is due in part to suggestions that trends in the global economy are not working in its favour.

For the New Zealand dollar, the publication of five potential sets of circumstances for the economy appeared to spell bad news.

Each set in the release, from the country’s Treasury (finance ministry), predicted that there would be a decline in the value of the economy over this quarter.

Elsewhere around the world, the Japanese yen was in a position of 107.60 in its pair against the US dollar.

This was a slightly worse performance given that it had reached a fortnightly record the day before.

The British pound, however, was up by almost half a percentage point in its pair with the US dollar.

It was seen at $1.2562 at one point.

This reflected its best position since the middle of last month.

The country’s Prime Minister, Boris Johnson, has now been released from a central London hospital after a spell in there – including a stay in intensive care.

He is now undergoing a process of recovery from coronavirus.

The single European currency went down overnight in its pair against the greenback, although it later managed to gain back some of its footing.

It was seen at $1.0943 at one stage.

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Dollar back on track following poor week

The US dollar appeared to get back on track in the global foreign exchange markets on Monday after it suffered one of the worst weeks in its history last week.

The currency, which more broadly has experienced extreme fluctuation in the strange context of the coronavirus, managed to get back on track despite dire predictions around the death toll from the pandemic.

According to Anthony Fauci, who runs the National Institute of Allergy and Infectious Diseases, coronavirus could be responsible for a six figure number of deaths as high as 200,000 in the US if a process of attempting to mitigate the virus’ effects was not successful.

The announcement came as President Donald Trump, who had previously hinted at the possibility of the current restrictions on movement being over by the Easter period in early to mid-April, decided to keep them in place until the end of April.

The dollar has had a tumultuous two weeks in many ways.

Two weeks ago, the greenback saw its best week on week rise since the year 2008.

Last week, however, it saw its worst weekly plunge since 2009.

Traders logging on to the broker platforms at ATFX and elsewhere, noticed that the currency appeared to be firmly on the up as trading got underway on Monday morning.

In the Australian dollar’s pair with the greenback, for example, the Aussie was down by around 0.7%.

It was seen at $0.6134 at one point.

The single European currency appeared to drop by half a percentage point against the greenback and was seen at $1.1082 at one stage.

The pound was down by 0.7% too, seen at $1.2371 at one point.

Overall, the US dollar index – which is a not a currency in itself but is instead a mechanism used by traders to monitor the performance of the currency against several other major ones from across the globe – was up by 0.3% to 98.641.

One currency which did not appear to suffer at the hands of the greenback, however, was the Japanese yen.

This currency, which is known for being a so-called safe haven, was up by half a percentage point in its pair against the US dollar.

According to analysts, there is a general sense of risk aversion in place across the forex markets while the exact parameters of the virus’ spread continue to be unclear.

While coronavirus is expected to carry on being the central area of focus for the forex markets in the coming days and weeks, there are other regular events scheduled into the economic calendar in the days ahead.

Today there will be a pending home sales figure out of the US for February.

This is expected to show a month on month change from 5.2% to -1%.

This is expected to be released at 2pm GMT.

Japanese unemployment figures for February will be out at 11:30pm GMT.

These are expected to show no change from 2.4% where they were last recorded.

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Rally for the dollar in uncertain landscape

The US dollar was once again surging on Monday as the reality of the next few months of the coronavirus pandemic set in for traders across the globe.

The currency was up in a range of pairs after a number of governments around the world either instituted or extended their lockdown policies and stimulus packages.

The dollar index, which is a tool used by traders to monitor how other currencies are performing in relation to the dollar, was up by almost an entire percentage point at one stage on Monday.

It was seen at 99.17 at this point.

Elsewhere around the world, the single European currency plunged by over 1% in its pair against the greenback.

The euro reached $1.1026 at one point.

The pound was down by a large amount too, although it managed to cap its losses at 0.8% in its dollar pair.

It reached $1.2384 at one stage.

There was some positive news for global investment, however.

Analysts emphasised the fact that developments in Italy and China, which have both been severely affected by the coronavirus, were looking more positive.

This is despite the fact that the US, which is now rapidly becoming another hotspot for the disease, is nowhere near out of the woods.

There have been just over 141,000 confirmed cases of the disease in the US, and there have now also been more than 2,400 deaths from it.

The dollar was also unable to command dominance in every single currency pair, either.

The Japanese yen, for example, was up slightly – which meant that the dollar dipped in this pair by a tenth of a percentage point.

It was noted at 107.81 at point.

In its pair against the offshore Chinese yuan, the greenback was seen up by 0.4%.

The offshore yuan is the version of the Chinese currency which is traded on the open market.

This is in contrast to the onshore version, which is used only in China.

The dollar was at 7.1132 following this rise, which came about following the decision of the People’s Bank of China to cut a major interbank interest rate.

This rate is the seven-day reverse repurchase rate, and the size of the cut was reported as being 20 basis points.

The move came as a surprise to the markets.

Elsewhere in the Asia Pacific region, the Australian dollar suffered a temporary big blow.

The currency, the fortunes of which are often linked to those of the Chinese economy, was down drastically in its pair with the greenback at one stage over the day.

However, it later managed to rise back up somewhat in this pair and was noted as being down only by about 0.3% at one stage – a position of $0.6149.

The dollar’s rise has come in large part as a result of traders and investors who are looking to liquidate their investments and access cash, perhaps in order to meet payment obligations in the uncertain economic environment.

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Dollar surges against risky currencies over recession fears

Worries about the impact of a global recession were front and centre in the foreign exchange markets on Tuesday and into Wednesday – leading to a large-scale abandoning of riskier currencies.

It is now widely expected that the recession which follows the coronavirus pandemic will be one of the worst for many decades following a sustained period of lockdown in many major economies around the world.

Countries as diverse as Italy and the US have been confronted with the reality of the deadly illness, and analysts are now expecting a big economic contraction.

The US dollar has so far been the main beneficiary of this, despite the fact that it is the currency of a nation which has fallen victim to coronavirus in a particularly bad way.

The currency is largely considered to be the world’s reserve – and as many investors liquidate their assets in order to get money to manage their cash flow, they are choosing the greenback.

Currencies associated with risk due to their exposure to the global commodities markets and similar, such as the Australian dollar, was down by 0.35% over the course of the day.

It reached $0.6115 at one stage.

Over in New Zealand, the dollar there was seen at $0.5945 in this pair.

This represented a slightly smaller decline compared to the Australian currency, and in this case was just 0.3%.

In the emerging markets, the South African rand continued to see problems.

It was down by 0.7% against the US dollar, reaching 17.952.

The peso, which is the currency of Mexico just over the border from the US, was down by over an entire percentage point in the pair with its near neighbour’s currency.

It was seen at 23.960 at one stage.

In Europe, the single European currency was down by a fifth of a percentage point in its pair against the dollar.

It was seen at $1.1015 at one point.

This, however, was not its worst performance.

In many of its other currency pairs, for example, it was actually up over the course of the day – most likely because it has a high amount of liquidity.

The pound was down over the course of the day, and it lost two-fifths of a percentage point worth of value in its pair against the US dollar.

Here it was seen at $1.2376.

The dollar’s advancement in so many pairs came as the US Federal Reserve, which is the country’s central bank, began permitting central banks from across the globe the right to access dollars.

This happened by allowing foreign banks to swap any US Treasury securities they hold for what are known as “overnight dollar loans”.

The US dollar index, which is a tool used to track how the currency is doing compared to several others from across the globe, was up as well.

It was spotted up by 0.3% at one stage, which meant it was sitting at 99.290.

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Forex markets react as economic data shows mixed picture

The foreign exchange markets marked the midweek point with fears over the direction of the global economy after a series of mixed data releases came out.

The markets were left reeling earlier in the week after figures from both the UK and Germany revealed that factory output had gone down to their lowest levels in a number of years.

This was followed up by reports from major Asian economies such as South Korea, which has been particularly affectedly by the coronavirus.

Its manufacturing data indicated that a slump may be on the way there as well.

However, the main event on Wednesday, was the ADP National Employment Report in the US – which revealed that private sector jobs in the country were down by a figure of 27,000 over the course of the last month.

While this stood in stark contrast to the figure of 183,000, which was the rise that metric saw in February, it was also better than expected.

A poll of economists carried out by the news agency Reuters in the run-up to the most recent release suggested that a dip of 150,000 could have been expected in March.

This news simply reinforced the sense that the US dollar is likely to continue to be the currency of choice for nervous investors as the pandemic continues.

It cemented its position as an in-demand currency, with the single European currency going down by almost 1% in its pair against the US dollar.

It was spotted at $1.0924 at one stage.

A range of global currencies also managed to breach or almost breach the significant 1% level in their changes against the dollar.

These included the Canadian and Australian dollars, as well as the South African rand – which has been in the forex press repeatedly recently due to its poor performance.

There are still some currencies, however, which are able to hold water against the otherwise dominant dollar.

The greenback was in fact down against the Japanese yen at one stage, with the drop measured at around 0.3%.

It was seen at 107.29 yen at one point over the course of the day.

There is still a deep level of uncertainty in the foreign exchange markets as a result of the coronavirus, with no economists or analysts able to predict with confidence what could happen.

Despite the dollar continuing to perform well in the global markets, there was a sense that the government’s response there was somewhat lacking as the problem exacerbates.

Analysts interpreted the decision of President Donald Trump to emphasise the potentially “painful” two weeks coming for the country – despite social distancing being in place – as a sign that the government response was not up to scratch.

One individual in his administration, the White House coronavirus co-ordinator Deborah Birx, showed some research which appeared to suggest that a leap in the death rate could occur, with the figures potentially as high as between 100,000 and 240,000.

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Dollar firmly in front as recession fears persist

Dollar firmly in front as recession fears persist

The US dollar continued to cement its position at the top of the global foreign exchange trading tree on Friday.

By Friday morning, it appeared that the currency’s rise over the course of the week was likely to be in the region of 2%, which marked its best performance since March.

This came after the biggest ever day on day rise in crude oil prices occurred.

This had a particularly profound effect on the US, which is the biggest gas and oil exporter on earth.

By Friday morning, the currency was spotted at $1.0838 in its pair against the single European currency, which reflected an overall rise of around 2.7% across the whole week.

In the dollar index, which is a mechanism used to monitor the performance of the greenback compared to many others from around the world, the currency was up by 1.8% over the course of the week.

It was spotted at 100.210 at one stage.

Elsewhere around the world, the greenback strengthened its position against a range of other currencies too.

Against the British pound, for example, the greenback was spotted at $1.2376 at one point.

Against the Kiwi dollar in New Zealand, the currency was at $0.5903.

A similar pattern was observed elsewhere in the Asia-Pacific region, with the Australian dollar seen at $0.6054.

However, there are still some potential pitfalls for the dollar on the way over the course of the day.

It is expected, for example, that payrolls data will be published in the US at 12:30pm GMT.

This is expected to show a big spike in joblessness levels due to the coronavirus, which has led to a series of lockdowns across the country.

Last week alone, the level of joblessness claims was up to around 6.6m.

This week, however, the level of employment is expected by some experts to go down by 200,000 – although a different poll suggested that the drop could be closer to 100,000.

Analysts pointed out, however, that this could benefit the dollar to some extent.

While there was acknowledgement of the fact that the US labour market was suffering several problems, there was also acceptance of the fact that the currency is “counter-cyclical”.

This means that even if an economic problem within the US causes issues for the global economy, this often means that demand for the dollar surges.

The worldwide coronavirus pandemic continues to ravage both economies and nations across the globe.

On Thursday, it was revealed that there are now over one million cases around the world.

However, the true figure is believed by some to be higher – especially given that not all countries are rolling out a comprehensive testing process.

The wider effect on the global economy has been severe, with some believing that there has been a contraction of almost one fifth in the world’s economy in just the first few months of 2020 alone.

Predictions now suggest that there will be a 4% contraction across the year as a whole.

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Pound plummets after British PM taken to hospital

The British pound was down significantly in the foreign exchange trading markets on Monday after British Prime Minister Boris Johnson was admitted to hospital.

Johnson, who announced over a week ago that he was suffering from coronavirus, has seen his symptoms continue beyond a timeframe of seven days.

He had been continuing to work from his flat in Downing Street, his official residence.

On Sunday evening, however, he was admitted to a London hospital.

A spokesperson for the prime minister said that the admission to hospital had been taken as a “precautionary” measure.

However, the consequences for the pound as trading got underway on Monday morning appeared to be fairly serious.

Sterling was down by over 0.4% in its pair with the US dollar, reaching $1.2215 at one stage.

It was also down in its pair with the euro, this time by 0.35%.

It reached 88.49 at one stage.

Elsewhere around the world, Japan was also in the spotlight after the country became the next potential hotspot for the pandemic.

According to some reports, the prime minister there – Shinzo Abe – is considering whether or not to institute a state of emergency in an attempt to slow down the virus.

The Japanese currency, the yen, was down by just over a fifth of a percentage point in its pair against the US dollar.

It was spotted at 108.63 in this pair in particular.

It is understood that there are now more than a thousand cases of coronavirus in the country’s capital city of Tokyo alone.

It is not precisely clear when the emergency announcement is likely to come, although it is probable that the state to emergency itself will be in place by tomorrow (Tuesday).

The US dollar, which managed to entrench itself as the liquid currency of choice for many foreign exchange traders last week, hardly moved.

It was seen at $1.0800 in its pair with the single European currency, for example.

Against the so-called safe haven that is the Swiss franc, the greenback was spotted at 0.9769.

This came despite economic data releases last week which appeared to show that the US economy is suffering in a number of ways.

One such measure was the unemployment metric, which revealed that job losses are on the up in the US.

Another economic side effect of the coronavirus pandemic has been the growing impact on the oil industry.

There was a rise in oil prices last week, although these were scaled back somewhat on Monday once two of the world’s major oil producers – Russia and Saudi Arabia – said that they would not meet to discuss production cuts until later in the week.

The Russian rouble was down by four-fifths of a percentage point in its pair against the US dollar.

The currencies of other oil-exporting countries were also hit.

The Canadian dollar, for example, saw its value reduced by a quarter in its pair against the greenback.

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Further drops for pound as details of British PM’s health are uncovered

The British pound appeared to be on a losing streak in the foreign exchange markets last night after the health of Prime Minister Boris Johnson appeared to get increasingly worse last night.

Johnson was first admitted to hospital with the coronavirus on Sunday evening, but an announcement made last night revealed that he had since been taken to the intensive care unit.

According to a statement from his office, the move was taken following the advice of medical professionals around him.

The knock-on effect for the pound was significant as the forex markets came to terms with the fact that the UK is without its normal leader.

Instead, the first secretary of state – a title which in practice means deputy prime minister – will deputise for Johnson.

The current holder of the role is Foreign Secretary Dominic Raab.

The development also raises concerns about the potential of an internal Conservative Party leadership election in the event that Johnson is unable to continue in office.

The instability caused by an election would in itself pose a risk for the forex markets, and this could be exacerbated by the context of the ongoing coronavirus pandemic.

The pound was down in its pair against the US dollar.

It had previously been noted at $1.230 but was more recently seen at $1.225.

The single European currency was seen at 0.877 prior to the development, and later went up to 0.881.

Despite the news from the UK, more widely there was a perception that a corner might be about to be turned in the battle against the pandemic.

According to figures revealed by leaders in some major eastern US states, a “flattening” of the curve could be on the way.

The remarks came from the governors of the states of New Jersey and New York.

However, the overall death toll in the US stands at 10,000 – with the overall number of cases at around 350,000.

In any case, the US dollar carried on surging as investors continued liquidating other investments to funnel it all into the greenback.

The greenback was up by 0.64% in its pair against the Japanese yen, reaching 109.14 at one stage.

Part of the reason for this development could be that Japan is about to impose a severe lockdown on its citizens.

Analysts have suggested that the position of the global economy may be more to blame.

Further positive news came from Europe, where some of the worst-hit nations began to show signs that their lockdowns could come to an end.

The two countries in particular to find themselves in this situation are Spain and Italy, which are seeing consistent drops in death levels.

The Australian dollar was also a big riser over the course of the day – and it even managed to take on the dollar.

In its pair against the greenback, it was seen at $0.6088 at one stage – which reflected a rise of 1.55% across the course of the day.

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Dollar drops over hopes for global economic performance

The US dollar ended its most recent run of strong performance in the international foreign exchange markets after the global economy appeared to show signs of beginning to pick up.

The coronavirus pandemic, which has for months been the main area of focus for traders, is far from over.

However, some countries are now beginning to take small steps towards bringing an end to lockdowns which have paralysed their economies.

One such country is Italy, which – according to press reports – is now considering lifting restrictions over the course of the next month.

Despite the fact that the lockdown might not even begin to end until the start of May, it gave traders around the world some hope.

The country, which was at the epicentre of the early European outbreak, is now seeing significant cuts in the number of fresh cases reported each day.The consequence for the dollar was pointed, with the currency going down by 0.7% in its index at one stage on Tuesday.

The dollar index is an artificial tool which traders use to monitor the performance of the greenback in comparison to several others from across the globe.

The currency was even down by 0.1% in its pair against the Japanese yen. This came as something of a surprise to many given that Japan is now going into a state of emergency.

The news was confirmed by the country’s Prime Minister, Shinzo Abe, on Tuesday.

Elsewhere around the world, it was a good day for many of the major non-dollar currencies.

The single European currency, for example, was up by four-fifths of a percentage point at one stage in its pair against the greenback.

It was spotted at $1.08835 at one point.

The British pound even managed to climb slightly.

This came despite the fact that the country’s Prime Minister, Boris Johnson, is in intensive care in a London hospital with coronavirus.

There was also a further development in the oil markets.

Prices of oil went up at one stage as investors picked up on signs that there may be a collective reduction in oil output due to lower demand from across the globe.

As a result, currencies belonging to countries which are heavily reliant on commodities went up.

One such victor was the South African rand, which increased in value by over 2% compared to the previous day.

The Norwegian crown was also up, this time to 10.4612 in its pair against the US dollar.

This marked its best performance for three weeks.

In Australia, a meeting of the country’s central bank kept monetary policy at its currency level.

The bank reduced interest rates at a previous meeting and has also engaged in a round of quantitative easing.

The Australian dollar had a strong day and rose by 1.5% at one stage.

This stood in sharp contrast to its positions in March, where it regularly lost out to the dominant dollar.

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Coronavirus continues to grip forex markets

The coronavirus pandemic continued to have a profound effect on the state of the global foreign exchange markets on Wednesday and into Thursday.

Despite experiencing some problems earlier in the week, the US dollar – which is the world’s reserve currency – managed to edge forward in Wednesday’s trading.

This occurred due to a drop in the US equities markets earlier in the week, and also against a backdrop of suggestions that the coronavirus pandemic is nowhere near over.

Earlier in the week, there had been suggestions that the pandemic – which has caused many deaths and decimated economies around the world – could be approaching the end of its course.

Analysts now appear to be taking the perspective that there is still no certainty when it comes to the medium term timeline.

On Wednesday, the dollar index was at one stage noted as being a tiny bit above its previous position, at 99.993.

The dollar index is a tool designed to allow traders to easily cross-compare the greenback’s performance compared to a “basket” of other major currencies from around the world.

The dollar was also higher in its pair against the Japanese yen – although again, not by much.

It was spotted at 108.79 yen at one stage.

Elsewhere around the world, the British pound was up significantly against the US dollar.

It rose in this pair by almost half a percentage point at one stage.

This came despite the peculiar backdrop to the pound’s fortunes.

The British Prime Minister, Boris Johnson, continues to remain in intensive care in a hospital in London after contracting the virus.

It was also revealed yesterday that Britain was reporting its highest number of deaths compared to any other point during the pandemic.

This figure was 938.

Elsewhere, the European Union was dealt a blow after its leaders were unable to agree on a package of additional support to help economies in the bloc.

Leaders were attempting to get a stimulus package in place which was designed to assist both citizens on the ground and also larger institutions like firms and national governments.

However, there is understood to be a difference in opinion between Italy, which has been at the epicentre of the European outbreak of coronavirus, and the Netherlands.

The two nations are reportedly finding it difficult to agree on a set of conditions to come alongside credit extended to Eurozone members.

As a result, the price of some Italian yields – especially those with shorter dates – went up.

In the currency markets, the single European currency dropped slightly in its pair against the greenback.

It was seen at $1.0883 at one point over the course of the day.

In Australia, meanwhile, traders were left reeling from the effects of the rating agency S&P’s decision to slash the country’s sovereign AAA rating.

It was taken from stable to negative.

Despite some early value drops for the Australian dollar, however, it later managed to recover from this and go up over the day.

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What’s on in the forex markets in the coming days?

The foreign exchange markets look set to be taking a quick breather over the next few days as many major markets around the world celebrate the Easter break.

Good Friday and Easter Monday will be celebrated in many of the major economies, meaning that trading volumes are likely to be thin.

Affected economies include the major European countries like France, Germany and the UK. North American countries like the US and Canada will be affected.

There will be some action in the markets on Friday. Consumer price index information for March (excluding food and energy) will be out of the US at 12.30pm GMT, and is due to show a month on month change from 0.2% to 0.1%.

And there’ll also be a speech later in the day from Loretta Mester, who is the President and Chief Executive Officer of the Federal Reserve Bank of Cleveland.

This means she sits on the Federal Open Market Committee, the body which decides monetary policy for the US.

The coronavirus pandemic is likely to continue to dominate the headlines over the weekend.

The levels of uncertainty currently present in the markets will mean that traders may have a lot to contend with when they return on Tuesday morning.

Also scheduled in for Tuesday will be a crucial trade balance data release from China. Imports and exports figures for March will reveal exactly what impact the coronavirus crisis has had on manufacturing and other export-related sectors in the country in recent weeks.

Currently there is no specified time for this release.

The rest of Tuesday is likely to be quiet, with major economies not firing back up in earnest until Wednesday.

At 12.30pm GMT on Wednesday, for example, a retail sales data release for March will be published.

This is due to show a month on month change from -0.5% to -3.4%.

Capacity utilisation figures for March will also be out of the US, this time at 1.15pm GMT. This metric is due to show a change from 77% to 73.9%.

And industrial production figures for the same month will be released in the same time slot. These are due to show a change from 0.6% to -2.2%.

The Bank of Canada is set to publish its interest rate decision at 2pm GMT. This currently sits at 0.25%, and there is as yet no indication of where it might go next.

The ongoing coronavirus crisis is likely to factor in to the minds of policy makers as they come to their decisions, however.

More information about the decision will be released at 3.15pm GMT when a press conference takes place.

Looking ahead to Thursday, one big publication will be the labour market participation rate for March in Australia.

This is due to show a change from 66% to 65.9% when it comes out at 1.30am GMT.

The overall unemployment rate is likely to shoot up a little when it is released in the same time slot. This is set to go from 5.1% to 5.5%.

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