What you need to know on Wednesday, May 6th:
The EUR was the worst performer against the greenback after the German Constitutional Court ruled on ECB’s stimulus program introduced back in 2015. The court said that the program had not violated any law, yet gave a three-month ultimatum to the ECB in order to demonstrate the proportionality between the plan and its effects. EUR/USD settled at around 1.0850.
The GBP/USD pair was unable to attract investors, holding within a well-limited intraday range. The UK has become Europe’s coronavirus epicentre, with over 30,000 dead, surpassing those in Italy. PM Johnson is set to decide on the lockdown next May 7, although there’s a general belief that the quarantine will be extended.
Equities closed in the green, although Wall Street retreated sharply from its highs ahead of the close.
Crude oil prices rallied, with WTI trading above $25.00 a barrel, amid hopes the economic re-openings will boost demand. Market players are waiting for US stockpiles reports.
Gold prices surged at the end of the day as stocks retreated from daily highs, although it held within familiar levels. Spot settled around $1,710.00 a troy ounce.
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