Asian markets closed higher led by the Japanese Nikkei up 1.25%, following the strong US close yesterday. US futures are marginally lower this morning, down 0.25% on average and EU leading index the EURSXX50 is down 0.3% as investors await the House Testimony by Fed Chairman Powell, today at 12:30 pm, US time. The US dollar in stronger this morning, trading at 97.74 versus majors and up 5 out the past 6 trading sessions. US strong homes sales news yesterday, and better than expected China manufacturing news are sustaining the markets at this point despite coronavirus spread warnings from the WHO and fears of another surge in coronavirus cases is coming. FX markets are awaiting the Powell testimony as well, and most markets are trading a narrow range low volume session. Gold is at $1,782 this morning, up 0.05% and Silver is trading higher by 0.35%, at $18.12. Oil is trading lower this morning after a strong close yesterday, down 1.61% and trading at $39.1 per barrel after trading near the $40 level yesterday as investors fear the spread of the coronavirus will push towards another lockdown, that will have a serious negative impact on demand. Investors are looking also at tomorrow Inventories numbers for more clues on US supply near term.

CAD GDP at 8:30 am, US CB Consumer Confidence at 10:00 am and Fed Chairman Powell House Testimony at 12:30 pm are the important news on the agenda Tuesday, (all times EST).

Global Markets 24 hours wrap-up
1 YEAR-1.21%-16.56%
Swing report
GBPUSD25020.81,85024/62320SL changed
CADJPY78.50.8-30024/678.9stopped out
NASDAQ1018971,48023/610030SL changed
OPEN PROFIT  $2,330   

Two unlikely foes are trading at 2020 highs after a 3-month rally, the Nasdaq is immune to the coronavirus and us tading at all-time highs backed by leadership from stocks like Amazon, Microsoft and Apple while Gold is trading at 8-year highs as investors move money into “safe heavens”, expecting Gold to continue to outperform if the coronavirus strikes global economies again later this year.  


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