Nasdaq futures and EU markets are opening lower this morning as investors fear more disruption is coming globally from the corona virus spread as US major markets as well as most of EU markets getting hit by the stall in the economic activity. On top of that emerging markets opened the week trading sharply lower, India is down 11% this morning and Singapore is down 8% as well. FX markets continue to fizzle as well, the dollar index is higher and near 2020 highs this morning and trading at 103.64 putting more pressure on emerging markets that have at this point the luxury to buy energy at 20-year low prices after another plunge in Oil prices Friday, down to $23.5 at the close and gaping down over the weekend to $22.2 this morning. Gold and Silver are marginally higher this morning, Gold is trading at $1,495, up 0.75% and Silver is at $12.61 per ounce, up 1.72%. With no major news on the agenda today, the eyes for investors will be in the on the US markets and US President Trump, as well as expecting more stimulus from ECB and FED leaders as leading markets look to me moving quickly into recession mode.
G20 meetings, (over satellite), is the important news on the agenda Monday, (all times GMT).
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Nasdaq futures are at 77% fibbo pullback from 2020 highs yet still above the late 2018 reversal on weekly chart.
Investors turn to the US dollar over the JPY and other safe heavens deepening the stress in emerging markets currencies.
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