31FX – The U.S. employment report for April will take center stage this week. Markets will also be watching the progress of some U.S. states and many European countries as they cautiously take steps to reopen their economies.
Here’s all you need to know this week.
Nonfarm Payroll Report
The Labor Department releases its nonfarm employment report for April on Friday and the overall pictures are expected to be staggering, with economists forecasting the loss of 21 million jobs for the month.
Trump on China Tariffs
U.S. President Donald Trump discussed on Friday on the possibility of raising tariffs towards China. This is after he has considered ways to punish Beijing for its alleged failure to contain and control the coronavirus that has affected 183 countries around the world.
European Countries Reopening
Economies from the European countries are starting to gradually open. Italian factories and building sites are set to reopen from Monday. German schools, museums, and churches will also reopen.
Governments are still wary of a possible second wave of infections once the economy starts to reopen.
BoE to Publish New Economic Forecasts
The BoE will announce its latest monetary policy decision at 06:00 AM GMT, rather than at the usual release time of 12 PM GMT, in order to accommodate the joint publication of the interim Financial Stability Report, which assesses the impact of the coronavirus pandemic on the finance industry.
The global oil benchmark, Brent crude, has fallen almost 60% percent in 2020 and hit a 21-year low last month as the pandemic squeezed demand and OPEC and other producers pumped at will before reaching the new supply deal that kicked in on Friday.
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