A huge push higher was observed with US stocks and riskier assets in general, late in the evening of Thursday. USD was initially forced to pull back, with the likes of AUD, NZD, CAD, EUR, GBP, all gaining some ground.
There were two strong fundamental developments for this, reports surfaced from U.S. company Gilead Sciences that Covid-19 patients were being treated with antiviral drug Remdesivir. It was said that they were seeing rapid recoveries in fever and respiratory symptoms, with nearly all patients discharged in less than a week.
Elsewhere, US President Donald Trump laid out some new guidelines for the US economy to emerge from a coronavirus shutdown in a gradual, three-stage approach meant to revive the U.S. economy even as the country continues to fight the pandemic.
We are not opening all at once, but one careful step at a time
Ground has been recovered for the USD again this European morning, putting its peers on the back foot again, climbing above 100 for the DXY. Stocks have given back some of their gains made overnight, but remain higher.
In FX, market sentiment continues to favour USD in these uncertain times. Chinese GDP last night contracted massively for the first time in four decades. It could be the start of many other economies that report awful GDP numbers, as global recession looms.
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