Global markets surged on an array of positive news starting with Joe Biden wins in Super Tuesday, the proposed aid package for $8 billions to fight the corona virus and the IMF $50 billion pledge to fight the corona virus globally. EU, US and Asian markets traded sharply higher surging back from correction territory and looking strong for the week despite the spread of the corona virus in California and fears of further disruptions for the traveling and leisure sector. The dollar index stopped the bleeding after 9 red days, trading marginally higher to a 97.32 close, despite expectations for further stimulus near term in the US. US futures are pointing lower this morning after the aggressive close higher yesterday. Metals pulled back after the strong close on Tuesday, Gold traded yesterday to a $1,637 close and Silver traded lower as well to a $17.17 close, both marginally lower on the day. OPEC+ meeting set to open today in Vienna are key to near term support for prices as investors fear lower global demand on top of US all-time production level and the corona virus impact on global economy. Oil traded higher by 1% to a $47.33 close yesterday, that’s following a lower than expected rise in US inventories, despite investors concerns the US production levels are oversupplying the markets.
OPEC+ meeting in Vienna, (all day), are the important news on the agenda Thursday, (all times GMT).
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The JPY is back as a “safe heaven” for investors following the FED 50 basis points cut in the dollar interest rate.
Nasdaq and EURSX50 futures rebound from correction territory after the proposed IMF/US Government pledge to fight the corona virus.
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