The US dollar, global equity markets and Gold are leading the rally for investors as the corona virus fears subside. The Chinese government decision to lower its loan prime rate by 10 basis points was expected and sent mainland China markets higher overnight. FX markets keep favoring the dollar, up now for the 14th day out of the last 15. The dollar index sits at 4-year highs this morning, at 99.74. Global equity markets traded another positive session yesterday, again led by US equities and strength in the EU and Asian markets, up despite the corona scare and expected weakness in the traveling, airlines and manufacturing sectors. Gold and Silver are now the “safe heavens” near term, both closed another positive session yesterday as investors stay away from the JPY and CHF. Gold closed at $1,610 and Silver at $18.4, both at 2020 highs. Oil will be in focus today with the release of the Inventories numbers at 10:30 am US, and after a strong 7-day rebound rally from 2020 lows. Slowdown fears on one hand and OPEC expected production cuts and US record production and Inventories on the other will be key for investors today. Oil closed at $52.44 yesterday, up 10% from 2020 lows.
UK Retail Sales at 9:30 am, EU ECB Monetary Policy meeting at 12:30 and US Oil Inventories at 3:30pm are the important news on the agenda Thursday, (all times GMT).
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Thr US dollar and Gold rally on expected slowdown in Asia and “safe heaven” status.
Oil Inventories numbers will be key for investors today after a 10% rally in prices from 2020 lows over the last week.
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