Global equity markets brushed off the weak open yesterday to trade higher to a strong US close and global equity markets are opening sharply higher this morning ahead of the Senate testimony by FED Chairman Powell. The markets will follow the testimony closely as investors await more positive on the US economy and expect a rebound in global trade following the corona virus scare. The Chinese government liquidity injection seems to be what investors were looking for, i.e.a quick response to the shutdown of the second largest economy. FX markets reacted with a move out of safe heavens to the progress higher in equities, the dollar index traded at 98.88 this morning, up 9 out of the last 10 trading sessions, at 4-month highs. Gold and Silver traded lower after a strong open Monday, closing at $1,577 per ounce and $17.8 per ounce respectively. Oil fell again on global slowdown fears, down to a $49.62 close, the weakest close in 13 months, as investors fear US all-time highs production levels will temper with OPEC+ attempts to control and limit outputs.
UK GDP at 10:30 am, ECB president Lagarde speech at 3:00 pm and Fed Chairman Powell Senate testimony at 4:00 pm are the important news on the agenda Tuesday, (All times GMT).
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US and EU equity markets run higher despite the coronavirus scare, trading at 2020 highs this morning after a strong US session yesterday.
EURSXX50 futures trading at fresh 2020 highs this morning after a stellar performance last week.
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