The S&P 500, Nasdaq and Dow futures and EU markets are trading lower this morning, following yesterday selloff in the US equity markets and the pullback in Asian markets overnight. The weakness in leadership stocks as well as mounting concerns over the increase of coronavirus cases and fears of a second lockdown are sending investors to “safe heavens”, the JPY and the US dollar. FX markets are trading in favor of “safe heavens” this morning, the AUD and CAD and trading sharply lower versus the dollar, down 1%. The dollar index is at 94.55 this morning, up 2.5% versus majors from 2020 lows over the past 4-weeks. Gold and Silver continue to lose ground over the stronger dollar, Gold trades at $1,855 per ounce this morning, down 1.71% and Silver prices are down 4.88% and trading at 3-month lows, at $21.88 per ounce. Oil is lower by 1% this morning and trading at $39.59 per barrel as investors worry over the increase in coronavirus cases and sluggish demand while a bust to prices was the lower than expected inventories numbers, those came yesterday at 1.6 million barrels bellow expectations. Overall, US fuel demand is 9% lower this year versus 2019 data.
US Unemployment Claims at 8:30 am, US Fed Chairman Powell speech and US Treasury Secretary Mnuchin speech at 10:00 am are the important news on the agenda Thursday, (all times EST).
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“Safe Heavens”, the US Dollar and the Japanese Yen are stronger this morning as US and EU equity selloff continues, (see charts below)s on a weaker than expected US job report.
“Safe heavens” are on the rise this morning led by the JPY, as investors stay away from global equity markets.
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