US futures are lower by 0.7% and EU markets are trading lower this morning on profit as well taking following yesterday strong rally and following the EU Commission negative estimate for the EU markets, projecting a 8.3% slump in the EU economy this year, with Italy leading the slump with a 11.2% contraction. This outlook is actually a revised one, pointing to a worsen than expected impact on the EU economies despite the various levels of openings over the past 2-months. EU leading index, the EURSXX50 is down 1.01% this morning and the DAX is lower by 1.09%. FX markets is leaning towards the US dollar, trading at 96.98 this morning, up 0.24%. Most markets are trading a narrow range session with no markets moving news on the agenda today. Gold is trading at $1,785 this morning, down 0.46% and Silver is trading at $18.31 per ounce, down 1.45%. Oil is trading lower as well, looking at the $40 support level, down 1.06% as investors fear the spread od the coronavirus will lead to lesser demand and economic activities near-term. Prices are at 40.2 per barrel, ahead of the Inventories numbers set to be released tomorrow.
There is no important news on the agenda Tuesday, (all times EST).
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$1,800 per ounce – that’s the new target for Gold investors as prices float bellow 8-year highs levels.
Both the Nasdaq futures and EU leading index are lower this morning after a negative EU commission report and profit taking following yesterday rally.
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