Global equity markets are higher from overnight lows this morning after another rough day for investors globally. Adding to the troublesome position of emerging markets is the surging US dollar, trading at 2020 highs this morning as investors shun away from metals and the traditional “safe heavens” to flock into the dollar. The dollar index is at 101.7 this morning, crushing the GBP and AUD to the tune of a 4.34% move versus the GBP and 5.41% move versus the AUD over the past 24 hours, the strongest one day move ever in the pairs. US and EU equity markets are trading at historic levels, the German DAX is trading at 2013 levels and the Dow is trading at 2016 levels, a month away from reaching all-time highs. All attempts from the FED, ECB and BOJ failed to impress investors so far leaving equity markets to big sale off waives as investors crush the airlines, hotels, restaurants and retail shares, most down 80% or more from 2020 highs. Gold and metals are no part of the solution for investors at this point, following the strength of the US dollar, Gold traded yesterday to a $1,496 per ounce close and silver closed at $12.25 per ounce, down nearly 40% this week alone. Oil prices dipped 24% to 20-year lows yesterday, as investors fear the total shutdown of the US driving space will lead to an unprecedented stockpile up as lack of demand will likely continue for weeks ahead. Oil closed at 20.37 per barrel, the third worst day for WTI on record and down 54% MTD.
CHF SNB Rate Decision at 9:30 am, US FED Philly Manufacturing Index at 1:30 pm and US President Trump speech at 3:00 pm are the important news on the agenda Thursday, (all times GMT).
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The US dollar is once again the favorite “safe heaven”, trading at 2020 highs as investors shun the GBP and AUD, sending both to all-time lows versus the dollar.
OIL prices dipped 24% to historic lows while trading at 19-year lows yesterday, as investors fear global demand will plummet on the corona virus lockdown and the Russia-Saudi Arabia price war will create a no bid price war.
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