Global equity markets traded higher yesterday following another set of stimulus plans including a cash injection of $1,000 per household, all that in order to try an stabilize the downturn in the economy that is under severe pressure of moving rapidly in recession and high unemployment levels. EU and US equity markets futures are trading lower this morning after a strong close yesterday as investors see rapid and nearly shutdown of large branches of the economy including air travel and leisure, the restaurants sector and the whole retail scene including small local businesses as well as global retail chains. FX markets are taking to the USD this morning, up 1.7% versus majors yesterday, expecting the US economy to fair better over the EU and Asian and Australia markets near term, sending the AUD to fresh 12-year lows versus the dollar and trading at 0.5950 this morning. “Safe heaven” status seems to alternate between the USD, JPY and CHF that’s following the rout in Gold over the past week, Gold closed at $1,5367 yesterday and is trading at $1,530 this morning, down 1.55%. Oil is facing a brutal demand downturn as EU and US gasoline demand is likely to face a sharp unprecedented drop following the lockdowns and stall in air traffic and mobility within major cities. Oil is trading at $26.5 this morning, down another 3.4% and trading at 17-year lows!!
CAD CPI and US Building Permits at 1:30 pm and Oil Inventories at 2:30 pm are the important news on the agenda Wednesday, (all times GMT).
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The AUD is trading at 17-year lows versus the dollar as investors fear the Australian growth will be severely tempered by the slowdown in global economy and demand for commodities will slump.
The USD is king again after a 1.7% gain versus majors yesterday as investors favor the dollar over FX markets. The sterling is at 2020 lows versus majors as investors fear the GBP will be in a greater disadvantage near term over dollar and Euro economies.
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