The US dollar and Gold are staying strong this morning after a selloff in global equity markets yesterday and a weak open expected as EU and US futures trade lower this morning. Profit taking hit the Nasdaq yesterday as well as EU markets, both lower around 1% from 2020 highs. Investors took to the US dollar and Gold as their “go to safe heavens”, fleeing out of the JPY and being cautious about the CHF. This is the first time since the 2008 selloff in the markets that the JPY is not the first line choice SAFE HEAVEN as investor fear the corona virus will temper the Japanese economy and feel more confident in the US dollar and US economy strength. Both Gold and Silver traded higher yesterday, Gold closed at $1,622 per ounce and Silver at $18.33 per ounce, up 0.66% and 0.25% respectively. Oil reversed lower after 5 positive trading days this week, trading at $53.31 this morning as investors fear the spread of the corona virus to other Asian markets and concerns regarding OPEC+ action on the proposed output cuts near term.
UK Flash Manufacturing PMI at 9:30 am, CAD Retail Sales at 1:30 pm and US Flash Manufacturing PMI at 2:45 pm are the important news on the agenda Friday, (all times GMT).
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The USD & Gold rally continues on the expected slowdown in Asia and the fresh “safe heaven” status for the USD.
The JPY and CHF loose their “safe heaven” status as investors express trust in the US economy.
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