US futures are marginally lower this morning while EU markets are higher by 0.75% on average on a surprise better than expected Italian/French Industrial production reading. Most Asian markets traded slower overnight following the weak close in US markets yesterday, the NIKKEI traded lower by 1.1% and mainland China by 1.18% as investors fear the near term rise in corona infections will probably temper with the global rally and profit taking likelihood, as markets trades at 2020 highs, will increase. “Safe heavens” is the place to go in the FX markets this morning, the JPY is higher versus majors by 0.8% on average while the dollar index trades at 96.74, up 0.05%. Gold pulled back from the 2020 highs $1,820 level, trading at $1,811 per ounce this morning, down 0.2% while Silver trades at $19.05, up 0.6%. Oil traded sharply lower into the close yesterday and is at $39.02 per barrel this morning, down another 1.25% as investors fear the corona spread and oversupply near term after Libyan production resumed yesterday after a half-year blockade.
US PPI and CAD Employment change at 8:30am are the important news on the agenda Friday, (all times EST).
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Gold traded marginally lower yesterday on profit taking after a 8-year record high, $1818 per ounce.
Oil prices are up for more volatile near term, after the increase in coronavirus global cases and the reopening of a major Libyan Oil field.
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