【TOP 1 Morning】Airline stocks are plugged in! India's epidemic is tiring, crude oil falls

Forex: USD stable

The dollar has gone through a lot of back and forth. First rebounded, fell, and then rebounded again. The evidence shows that although the general sentiment may be bearish on the dollar, action has been slow. Compared with yesterday, the US dollar opened up and down, but has since re-established its dominant position.

USD/CAD rebounded between 1.2480 and 1.2538. The Canadian government released its first budget in more than two years, which may have contributed to price fluctuations in the overnight market.

GBP/USD is consolidating recent gains. It climbed from 1.3806 on Monday to 1.4008 today, and fell back to 1.3955 in the New York market. The UK employment data was slightly better than expected, but it was largely ignored. Analysts believe that this result was affected by the government's employment support program.

The EUR/USD traded between the 100-day and 200-day moving averages of 1.1915 and 1.2057, respectively. The market speculates that ECB officials may slow down the purchase of the large-scale emergency purchase program, even though Governor Christine Lagarde insists that the economy needs stimulus measures, which supports prices.

Bitcoin: Bitcoin is flat

Bitcoin has been in a sideways trend, at around USD 54,000 to USD 57,000. After a sharp dive, Bitcoin ushered in a respite.

Katie Stockon, a technical analyst at research firm Fairlead Strategies, pointed out in her weekly outlook that the Bitcoin market is in a "safe-haven" mode, which means that investors may press the sell button and switch to other assets such as cash. Stockon said: "There are signs that our short-term indicators will decline this week. "First of all, in asset areas such as gold and Bitcoin, risk-averse positions have become obvious."

In the derivatives market, the Bitcoin financing interest rate fell to 14 basis points on Monday, reflecting the price traders paid for position leverage. According to the data aggregation site Glassnode, this is the lowest level in the past month. This means that the market's interest in bull market-oriented leveraged trading has disappeared. The lowest level in the past month was 5 basis points on March 26.

Stock market: U.S. stocks continue to fall

U.S. stocks fell for the second consecutive trading day, and concerns about the global new crown epidemic overwhelmed the robust first-quarter earnings reports of U.S. companies.

The Dow Jones Industrial Average closed down 256.33 points, or 0.75%, to 33821.30 points.

The S&P 500 index closed down 28.32 points, or 0.68%, to 4134.94 points.

The Nasdaq Composite Index closed down 128.50 points, or 0.92%, to 13,786.27 points.

As of 09:03 Beijing time, Investing.com US stock market data showed that the US S&P 500 index futures fell 0.08% to 4,123.12 points; the Dow Jones 30 index futures fell 0.01% to 33701.0 points; Nasdaq The 100 index futures fell 0.30% to 13,753.38 points.

In terms of ETFs, S&P 500 (NYSE:SPY) closed down 0.73%, NASDAQ 100 Invesco QQQ Trust (NASDAQ:QQQ) closed down 0.73%, gold SPDR® Gold Shares (NYSE:GLD) closed up 0.36%, gold VanEck Vectors Gold Miners (NYSE:GDX) closed up 1.15%, silver iShares Silver Trust (NYSE:SLV) closed down 0.08%, U.S. Crude Oil Fund (NYSE:USO) closed down 1.34%, China Technology ETF Invesco China Technology (NYSE) :CQQQ) closed down 0.88%.

Gold: Gold prices rise

Gold prices rose slightly on Wednesday, hovering near the seven-week high reached earlier this week. The weaker U.S. dollar and the fall in U.S. Treasury yields boosted demand for safe-haven gold.

Spot gold rose 0.1% to US$1,779.55 per ounce, having hit a high of US$1,789.77 since February 25 on Monday.

US gold futures GCv1 rose 0.1% to 1,779.60 US dollars.

Silver fell 0.2% to US$25.83 per ounce, Palladium rose 0.6% to US$2,778.17, and Platinum fell 0.2% to US$1,185.47.

The dollar index fell 0.1%, hitting a nearly seven-week low on the previous day, making gold cheaper in the eyes of holders of other currencies.

The yield on the benchmark 10-year U.S. Treasury fell below 1.6%, reducing the opportunity cost of holding gold as a non-yielding asset.

Market participants are now waiting for the decision of the European Central Bank's policy meeting on Thursday to further clarify the EU's stimulus plan. The Fed will meet next week.

Crude oil: oil prices closed lower

Crude oil futures closed lower on Tuesday, falling from a one-month high. People are worried that the world's third-largest oil importer may implement restrictions as the number of new coronavirus infections and deaths in India hit record highs.

The settlement price of Brent crude oil futures fell by US$0.48, or 0.7%, to US$66.57 per barrel, after hitting the highest level since March 18 of US$68.08. The settlement price of US crude oil futures fell by US$0.71 to US$62.67 per barrel.

Crude oil prices rose earlier in the session, after Libya announced that the export of Hariga Port had encountered force majeure and stated that due to budgetary reasons, the measures may be extended to other facilities.

A Reuters survey showed that US crude oil inventories were expected to fall by about 3 million barrels last week, marking the fourth consecutive week of decline.

The American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) will release weekly inventory reports at 2030 GMT on Tuesday and Wednesday, respectively.

Today’s focus is on:

20:30 Canadian core inflation rate annual rate (March)

22:30 U.S. EIA crude oil inventory (January)