Nasdaq futures are trading higher this morning by 4.2% after a calmer session yesterday in the EU and US equity markers. FX markets are now the center of “drama” markets, the dollar index surged yesterday to 38-month highs but reversed course sharply this morning to trade at 101.44, down 1.4% from yesterday highs. The AUD is trading at a record 7% higher versus the JPY this morning and majors reversed course versus the dollar and the GBP is up from 36-year lows versus the greenback. The rush for cash sent global markets rushing into the dollar, up 3.7% versus major this week and having its best week since 2008. EU markets are also pointing to a potential reversal day, up 5.4% for the EURSXX50 and the FTSE is up 4.26%. Gold “safe heaven” status was compromised this week by the surging dollar looks to rebound as well, trading at $1,511 per ounce while Silver is up 6.4% from2020 lows and trading at $12.9 per ounce. Oil prices rebounded as well after dipping to 19-year lows yesterday, trading at $27.6 this morning after US President Trump suggested to intervene in the Russia Saudi Arabia price war and to consider increasing US emergency stockpiles in an attempt to stabilize the energy market. OIL prices are up 15% this morning, the best one day gain this year for WTI.
CAD Retail Sales at 1:30 pm and US Existing Home Sales at 3:00 pm are the important news on the agenda Friday, (all times GMT).
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The US dollar is the epicenter of the drama is the FX markets, trading 1.5% lower this morning from 38-month highs versus majors.
The Australian dollar is higher from historic lows versus the dollar and JPY as investors bottom fish the AUD despite the rate cut by the RBA yesterday.
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