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Here is what you need to know on Tuesday, April 14:

The market mood is marginally optimistic with a “risk-on” mood supporting commodity currencies and weighing on the dollar. Stocks are on the rise after slipping on Monday. 

Chinese trade balance figures have helped improve the mood. The world’s second-largest economy has reported a drop of 6.6% in exports and imports by 0.9%, both better than expected. 

US President Donald Trump repeated his aspiration to reopen the world’s largest economy even “ahead of schedule” and may find himself clashing with state governors. US number of coronavirus cases is above 582,000 with over 23,000 dead. Around a third of new losses of life are in America.

Global infections have topped 1.92 million and mortalities from coronavirus have are over 119,000. Around 70 efforts to find a vaccine – the ultimate solution – are underway.

GBP/USD has been extending its gains, trading above 1.2550 amid the better market mood and Prime Minister Boris Johnson’s discharge from hospital. The UK is set to extend the lockdown through May 3. 

India has extended its nationwide lockdown through May 3 as well, while French President Emmanuel Macron announced the shuttering will continue through May 11. Italy and Spain have both seen declines in cases and deaths from COVID-19 and are taking baby steps towards relaxing restrictions. 

Gold has been consolidating its gains after breaking to a new seven-year high on Monday. The peak was $1,725. 

Oil prices are also stable with WTI holding above $22. OPEC and non-OPEC countries agreed to cut production by 9.7 million barrels per day in what seems insufficient to counter the plunge in global demand. 

Cryptocurrencies have been trading in a range with Bitcoin trading around $7,000. 

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