US futures and EU markets are lower this morning on profit taking, as most leading sectors in Europe trade sharply lower led by banking stocks and autos, both down more than 3%. This is after a strong 3-week 18% rally in leading EU indexes and expectations for the EU stimulus programs to kick in and the lockdown liftings across the continent. The JPY is the leader in the FX markets this morning as investors look for the Yen after a long 3-weeks 8% skid versus the Euro. The dollar is stronger this morning as well, trading at 96.9 up 0.3% versus majors, the first day in the green in the past 10-trading days. Gold is trading at $1,717 per ounce, up 0.65%, and Silver is at $17.83, down 0.25%, as investors mix “safe heavens” move between the JPY and Gold. Oil trades at $37.91 per barrel this morning, down 0.74% as investors take profits after the last rally from all-time lows and ahead of the Inventories numbers tomorrow. The NY state area lift is expected to spur demand for gasoline and overall expectations are for a drop of 1.5 million barrels in gasoline inventories, according to a Reuters poll.
There is no important news on the agenda Tuesday, (all times GMT).
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The EURSXX50 and the DAX are sharply lower this morning for the first time in 3-weeks as the “corona rally” is taking a breather on profit taking.
The dollar is sharply higher versus the NOK after a 7-day 4% skid following the Goldman Sachs pick on the Crone.
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