EU equity markets and US futures showing strength this morning looking at the 4th day in a row in the green and at the best week for global equity markets since 2008. EU markets are up near 2% on average this morning following another strong US close last night as investors expect the stimulus programs to kick in despite the growth in corona virus cases in the US and Western Europe and the unclear path towards moving back to normality. FX markets voted for another “safe heaven” day as EU currencies and the JPY gained versus the dollar that lost another 0.5% in the process, down now 5 out the past 6 trading days. The dollar index is at 99.58 this morning, at two-week lows. US jobless turn a staggering 3.28 million claims however the markets looked passed that number and rallied for the biggest 3-day gain since 1931. The stimulus bill signed by the Senate last night contributed to the rally in equities as well. Gold traded lower on the markets rally yesterday, trading at $1,625 this morning while Silver traded mostly sideways, at $14.61 per ounce this morning. Oil looks vulnerable as the global lockdown intensifies and demand for gasoline and energy products is showing a 20% big drop, closing at $23.14 per barrel yesterday, according to IEA.
There is no important news on the agenda Friday, (all times GMT).
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The US dollar is looking stronger this morning after a 4 day pullback as investors took profits from 2020 highs for the index and moved into the CHF and JPY.
OIL prices dipped to historic lows this week as investors fear global demand will plummet on the corona virus major cities lockdown and OPEC+ lack of response.
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