Global markets rout over the fear of the corona virus spread turned into a correction move for equity markets following US and EU leading indexes drop more than 10% over the past 4 trading days. Investors had no place to go for other than the fixed markets following the sharp pullback in Gold and Silver and the pullback in the dollar index, down nearly 1% over the past 4 trading days. The JPY and CHF, the go to FX “safe heaven” currencies are not performing their typical role in the markets as investors fear slowdown in both markets leaving the fixed markets as the only near term “safe heaven” market. Gold prices retreated from 7-year highs with a $70 drop over the past two sessions and Silver prices lost 5% over the past two sessions as well. Oil Inventories will be in focus for investors today after the deep selloff yesterday, that’s ahead of the OPEC+ decision on the proposed production cuts, next week in Vienna. Oil prices lost 7% over the past week and closed at 2020 lows $49.99 per barrel yesterday and are likely to stay under pressure for as long as the corona virus crisis continues.
US New homes Sales at 3:00 pm and Oil Inventories at 3:30 pm are the important news on the agenda Wednesday, (all times GMT).
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Nasdaq futures lost 1000 points over the past 4 trading days and moved into correction territory just 4 days after trading at all-time highs.
“CASH IS KING” – Gold and Silver prices take a beating as investors take profits from 2020 highs and move into the fixed market “safety”.
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