EU markets are sharply higher this morning after the EU has unveiled a plan to borrow 750 billion euros for a recovery fund as the EU region is facing a economic crisis last seen a century ago. The news took the markets by surprise as Germany and France finally agreed to the initiative, previously reject in Germany. EU markets are up 1% this morning led by the IBEX 35, up 2.15%. US Futures are higher as well, the Nasdaq is up 0.7% and S&P500 is up 1.2% as well. The FX markets reacted to the news as well, the Euro jumped more than a percent versus the JPY as investors step out of the “safe heavens” the JPY and USD. The dollar index is down 0.21% this morning and trading at 98.8. Gold and Silver are lower this morning as well, Gold is down 0.5% to $1,697 per ounce and Silver prices are down 0.18% at $17.55 per ounce. Oil is trading lower on profit taking from 10-week highs, down 1.3% and trading at $33.89 per barrel, ahead of the inventories numbers that are being released tomorrow due to the US Memorial Day holiday.
There is no important news on the agenda Wednesday, (all times GMT).
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The Euro is sharply higher versus majors this morning after the EU unveiled its new 750 billion stimulus plan.
AUDUSD trade up 200 pips as investors move into the growth currencies versus “safe heavens”.
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