Global markets reversed sharply lower following news that the corona virus is fast spreading across the US and it has the ability to seriously disrupt the global economy near term. US equities gave back all of yesterday gains, closing more than 3% lower while EU equities are trading sharply lower this morning as well as Asian markets, down 2.72% in Japan overnight. The 10-year treasury note fell to all-time lows 0.9% as investors flock into the “safe heavens”, sending the dollar sharply lower versus majors, crashing more than 1.6% over the past two sessions. The index is at 96 this morning, down 4 points from 2020 highs, 99.91 just 3 weeks ago. The Japanese Yen and Gold took advantage of the dollar weakness, Gold closed sharply higher yesterday and trades at $1,685 per ounce this morning, near 2020 highs. The JPY is at 8-month highs versus the dollar, gaining more than 2.2% over the last two sessions. OPEC+ meetings in Vienna failed to impress Oil investors that now face to totally disrupted airline business and well as deep production and demand for travel on a global scale. Oil closed lower yesterday and is trading at 2020 lows $44.05 this morning.
US NFP Employment change, CAD Employment Rate and Trade Balance at 1:30 am and OPEC+ meeting in Vienna, (all day), are the important news on the agenda Friday, (all times GMT).
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The dollar lost 2.2% versus the JPY over the past two sessions as investors move into “safe heavens” fearing a global recession.
Nasdaq futures look glim this morning as corona firus fears spread into the US, still the Nasdaq is the best performing global index, up 16.4% over the past 12-months.
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