Earlier in the day, we found out that in the last week, 2.98 million Americans filed for unemployment benefits for the first time (notably worse than the 2.50 million expected). That brings the eight-week total to 36.47 million, which is massively worse than the prior worst eight-week period in the last 50-plus years.
Nevertheless, the USD was bid, and the EURUSD pair dropped back below the 1.08 threshold. It looks like investors were relieved after yesterday's Powell speech, where he said that the Fed is not looking at negative rates.
Additionally, Treasury Secretary Steven Mnuchin said he anticipates most of the economy will restart by the end of August. Somewhat optimistic anticipation, but hey, he cannot say anything negative to spook the markets.
Nevertheless, equities were down across the board, with the Nasdaq 100 index 1% weaker, and the SP500 index lost around 0.15%.
Oil rose notably today, and both benchmarks were bid actively, adding circa 5% on the day. The WTI oil was seen above 27 USD, while the Brent oil advanced above the psychological 30 USD barrier.