Futures for S&P500 added 3.0% after 7% jump a day earlier on optimism around slowing the spread of coronavirus and news of more stimulus in Italy (+ 350bn), Japan (>$1 trillion) in the US (+ $ 1 trillion). DAX is growing at 3.8% today, CAC40 by 2.8%, FTSE100 by 3%.
The volatility of the foreign exchange market has grown slightly during the day. DXY stepped back across the market. Commodity-linked currencies are leading the recovery. EURUSD jumped above 1.09. GBPUSD rose above 1.2350.
Earlier today gold spot price rose to $1670, while futures rewrote multi-year highs above $1700. By the start of trading in the US, we see some a correctional pullback.
Brent is trading at $ 34.4 in the spot market, near last week's highs. Information on the upcoming expanded OPEC meeting and call with the Ministry of Energy of many countries is driving prices now.
Investors hope to see flattening growth of the new coronavirus cases and positive impact of stimulus on global economy recovery.
The volatility of the foreign exchange market has grown slightly during the day. DXY stepped back across the market. Commodity-linked currencies are leading the recovery. EURUSD jumped above 1.09. GBPUSD rose above 1.2350.
Earlier today gold spot price rose to $1670, while futures rewrote multi-year highs above $1700. By the start of trading in the US, we see some a correctional pullback.
Brent is trading at $ 34.4 in the spot market, near last week's highs. Information on the upcoming expanded OPEC meeting and call with the Ministry of Energy of many countries is driving prices now.
Investors hope to see flattening growth of the new coronavirus cases and positive impact of stimulus on global economy recovery.
#WaveAnalysis
#Natural gas broke resistance area
Likely to rise to 2,000
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-07-april-2019-20200407/
#Natural gas broke resistance area
Likely to rise to 2,000
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-07-april-2019-20200407/
#WaveAnalysis
Johnson & Johnson (#JNJ) under bullish pressure
Likely to rise to 143.40
https://fxpro.news/market-snapshots/johnson-johnson-wave-analysis-07-april-2019-20200407/
Johnson & Johnson (#JNJ) under bullish pressure
Likely to rise to 143.40
https://fxpro.news/market-snapshots/johnson-johnson-wave-analysis-07-april-2019-20200407/
Over the past day, the number of new infections in the world increased by 81.0K against 75.1K a week ago and 73.0K a day earlier. There were 33.3K new cases overnight in the US, which is close to record and does not allow one to speak of a turning point, with total cases exceed 400K. In France, a jump of 11K per day also washed away signs of stabilisation. In large European countries (except France and the UK), there is a further tendency to slower contagion. In the UK and several Scandinavian countries, we see stabilisation, but not decline. A day earlier, China was marked by the absence of new deaths, but today two fatal cases have been identified. Forward-looking markets see this information as the first signals of stabilisation, but the positives are too unstable, as are the attempts of markets to develop recovery.
In the last 24 hours Bitcoin faced pressure around $7,400, dipping to $7,150, but soon returned above $7,300. BTCUSD got support at reduced trading volumes, which may indicate that the recovery is fragile. The Bitcoin Greed and Fear index grew one point overnight, but still in the "extreme fear" zone. The RSI has moved up, but the basis for this price dynamics is still fragile.
Bitcoin Dominance Index fell to 64%, that can be considered a positive sign for the crypto market in general. Investors are buying not only the benchmark coin but also altcoins.
Bitcoin Dominance Index fell to 64%, that can be considered a positive sign for the crypto market in general. Investors are buying not only the benchmark coin but also altcoins.
Oil and the euro are bureaucracy victims
This is a case where multilateral negotiations are evil. Comprehensive and coordinated steps turn into an endless chain of talks. This applies to both the oil market and the pan-European support package.
Europe’s bureaucratic machine showed itself in a negative light this morning when the EU could not agree on a €500 billion stimulus package, postponing negotiations to Thursday. These reports turned the euro down, taking about 0.5% in half an hour.
The same can be said about approaching Mega-Opec negotiations. The chances that the US, Canada and, say, Norway will join the agreement are decreasing.
https://fxpro.news/daily-forex-outlook/oil-and-the-euro-are-bureaucracy-victims-20200408/
This is a case where multilateral negotiations are evil. Comprehensive and coordinated steps turn into an endless chain of talks. This applies to both the oil market and the pan-European support package.
Europe’s bureaucratic machine showed itself in a negative light this morning when the EU could not agree on a €500 billion stimulus package, postponing negotiations to Thursday. These reports turned the euro down, taking about 0.5% in half an hour.
The same can be said about approaching Mega-Opec negotiations. The chances that the US, Canada and, say, Norway will join the agreement are decreasing.
https://fxpro.news/daily-forex-outlook/oil-and-the-euro-are-bureaucracy-victims-20200408/
Futures for S&P500 added 1.2% after closing almost zero the day before. All worsening economic forecasts against the background of general lockdown do not give up markets from negative cautious mood. DAX is losing 0.6% today, CAC40 is decreasing by 0.6%, FTSE100 down 1.0%.
The FX market volatility falling further, but is still above average levels for six months to March. DXY has stabilized at around 100, dropping slightly in recent hours. The currency market moves are without a single dynamics, showed a wait-and-see attitude.
Gold has stabilized around $ 1650, sharply reducing fluctuations, further indicating a waiting approach in the markets.
Brent returned to $ 33.1, to this week lows, in anticipation of an expanded OPEC+ meeting (Apr 9) and subsequent consultations within the G20 Energy Ministries (Apr 10).
Investors hope to see flattening growth of the new coronavirus cases and positive impact of stimulus on global economic recovery.
The FX market volatility falling further, but is still above average levels for six months to March. DXY has stabilized at around 100, dropping slightly in recent hours. The currency market moves are without a single dynamics, showed a wait-and-see attitude.
Gold has stabilized around $ 1650, sharply reducing fluctuations, further indicating a waiting approach in the markets.
Brent returned to $ 33.1, to this week lows, in anticipation of an expanded OPEC+ meeting (Apr 9) and subsequent consultations within the G20 Energy Ministries (Apr 10).
Investors hope to see flattening growth of the new coronavirus cases and positive impact of stimulus on global economic recovery.
#WaveAnalysis
AT&T (#T) reversed from resistance area
Likely to fall to 28.00
https://fxpro.news/market-snapshots/att-wave-analysis-08-april-2019-20200408/
AT&T (#T) reversed from resistance area
Likely to fall to 28.00
https://fxpro.news/market-snapshots/att-wave-analysis-08-april-2019-20200408/
#WaveAnalysis
#Sugar reversed from resistance area
Likely to fall to 10.00
https://fxpro.news/market-snapshots/sugar-wave-analysis-08-april-2019-20200408/
#Sugar reversed from resistance area
Likely to fall to 10.00
https://fxpro.news/market-snapshots/sugar-wave-analysis-08-april-2019-20200408/
Over the past day, there were new 84.4K infection cases detected in the world against 80.1K week ago and 85.1K a day earlier (updated data). The total number of cases exceeded 1.5M, of which 1.1M are active cases, 330K recovered, and 88.5K died. In the USA, it was detected 31.9K new cases over the last 24 hours, which renews hopes for flattening of the pace of contagion. Spain reported an increase from 5K three days ago to 6.3K, but this below the number at the end of March (above 8K daily). In Britain it was a jump by 5.5K against the “norm” of 3.3K. Forward-looking markets are considering this information as the first signals of flattening the curve that ease markets pressure.
Markets are growing in the hope of politicians
World markets returned to growth on Wednesday on new signs of stabilization in the number of new cases of coronavirus infection.
An expanded OPEC conference-call is due today. According to recent press reports, the axe of the war between Russia and Saudi Arabia is buried.
It is logical to expect that Russia and Saudi Arabia will try to find such a scale of production cuts that will keep prices from further decline, but prevent from increasing output in the US. This is a delicate balance act that requires constant coordination of efforts. However, the words “coordination” and “working together” may become synonymous with rising oil prices in the coming months.
Another critical topic is the economic support packages that are stuck in the EU and US legislative circles.
https://fxpro.news/daily-forex-outlook/markets-are-growing-in-the-hope-of-politicians-20200409/
World markets returned to growth on Wednesday on new signs of stabilization in the number of new cases of coronavirus infection.
An expanded OPEC conference-call is due today. According to recent press reports, the axe of the war between Russia and Saudi Arabia is buried.
It is logical to expect that Russia and Saudi Arabia will try to find such a scale of production cuts that will keep prices from further decline, but prevent from increasing output in the US. This is a delicate balance act that requires constant coordination of efforts. However, the words “coordination” and “working together” may become synonymous with rising oil prices in the coming months.
Another critical topic is the economic support packages that are stuck in the EU and US legislative circles.
https://fxpro.news/daily-forex-outlook/markets-are-growing-in-the-hope-of-politicians-20200409/
Will halving help the crypto market?
Because of the incredibly rich negative news background, the participants in the crypto market began to forget about purely “cryptocurrency” events.
Nevertheless, they happen. Yesterday the halving occurred in the Bitcoin Cash (BCH) network. At ordinary times it would have been quite a remarkable event for the whole sector.
However, altcoins may behave not as benchmark cryptocurrency. Litecoin, which experienced halving last year, is now trading close to the lows of the “crypto winter”. Probably, such a scenario can wait for Bitcoin Cash (BCH).
https://fxpro.news/analysis-and-insight/will-halving-help-the-crypto-market-20200409/
Because of the incredibly rich negative news background, the participants in the crypto market began to forget about purely “cryptocurrency” events.
Nevertheless, they happen. Yesterday the halving occurred in the Bitcoin Cash (BCH) network. At ordinary times it would have been quite a remarkable event for the whole sector.
However, altcoins may behave not as benchmark cryptocurrency. Litecoin, which experienced halving last year, is now trading close to the lows of the “crypto winter”. Probably, such a scenario can wait for Bitcoin Cash (BCH).
https://fxpro.news/analysis-and-insight/will-halving-help-the-crypto-market-20200409/
S&P500 added 1.2% after rising 3.4% the day before as new Fed's $2.3 trillion loan program shadowed further surge in jobless claims. DAX grew 2.0% today, CAC40 strengthened by 1.7%, FTSE100 - at 2.1%.
Currency market volatility continues to decline. DXY turned to a sharp decline after the Fed announcement. Markets await Powell's follow-up comments. The dollar recedes on a broad front, primarily to the more yielded currencies.
Gold rose more than 2.2% to $1,680 amid a weakening greenback and fears that injections of liquidity from the Fed are undermining its value.
Brent rose to $ 35.0 - this week highs - on expectations of an OPEC+ agreement to cut Crude Oil supply.
Currency market volatility continues to decline. DXY turned to a sharp decline after the Fed announcement. Markets await Powell's follow-up comments. The dollar recedes on a broad front, primarily to the more yielded currencies.
Gold rose more than 2.2% to $1,680 amid a weakening greenback and fears that injections of liquidity from the Fed are undermining its value.
Brent rose to $ 35.0 - this week highs - on expectations of an OPEC+ agreement to cut Crude Oil supply.
Over the past day, there was reported 85.6K total new cases against 101.7K a week ago and 84.4K a day earlier (updated data). The total number of cases exceeded 1.6M, of which 1.15M are active, 356K recovered, and 95.7K died. US reported 33.5K yesterday, approximately the same as the last few days. Distribution has also stabilized for the most of Europe. Now, attention is shifting to large developing countries -Turkey, India, Brazil, Russia - where spreading continues to accelerate. Markets see this information as the first signals of stabilization, and economic measures are becoming the main subject of hope and concern.
Trading schedule changes due to Easter holidays
Please pay attention that on April 09-13, 2020, the trading schedule for several instruments will be changed due to Good Friday and the following Easter holidays.
The above schedule may be subject to change.
Please, visit Market Holidays page for more details.
Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Please pay attention that on April 09-13, 2020, the trading schedule for several instruments will be changed due to Good Friday and the following Easter holidays.
The above schedule may be subject to change.
Please, visit Market Holidays page for more details.
Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
OPEC+ uneven coordination
OPEC+ has agreed to reduce production by 10M BPD, and another 5M will be from countries outside this expanded list. This is an unprecedented cut in terms of both depth and width. However, the agreement is conditional: the reduction will take place from May to June and quotas will continue to increase gradually from the initial -23% to -14% by the end of the year. Mexico refused the proposed conditions (negotiations with the country will continue).
The oil market reacted negatively to the announced measures, returning Brent prices to this week lows near $32.50 against a peak of $37.00 on Thursday. Negotiations in a slightly different format will continue on Friday, which promises a restless start of the next trading week.
Despite the difficulties and conditional agreement, we can speak about the return of Russia and Saudi Arabia from price wars to negotiations and coordination. This suggests that the uncontrolled price collapse seen in March is a thing of the past.
OPEC+ has agreed to reduce production by 10M BPD, and another 5M will be from countries outside this expanded list. This is an unprecedented cut in terms of both depth and width. However, the agreement is conditional: the reduction will take place from May to June and quotas will continue to increase gradually from the initial -23% to -14% by the end of the year. Mexico refused the proposed conditions (negotiations with the country will continue).
The oil market reacted negatively to the announced measures, returning Brent prices to this week lows near $32.50 against a peak of $37.00 on Thursday. Negotiations in a slightly different format will continue on Friday, which promises a restless start of the next trading week.
Despite the difficulties and conditional agreement, we can speak about the return of Russia and Saudi Arabia from price wars to negotiations and coordination. This suggests that the uncontrolled price collapse seen in March is a thing of the past.
Fed’s step may undermine the dollar
The EU has agreed on a 560 billion euro aid package. This does not look like the final price to fight the current crisis, but it is a good starting point.
However, the real info bomb is the announcement of new measures from the Fed. The US central bank has announced a new program under which it can buy back corporate bonds up to BBB-/Baa3. The most important, that the Fed will look at the rating on March 22, i.e. until the recent (and possible future) massive cuts from rating agencies. Due to leverage, the volume of purchases under this program may reach $2.3 trillion.
This is a tectonic shift on the central bank’s side, the consequences of which will affect markets for a long time.
https://fxpro.news/daily-forex-outlook/feds-step-may-undermine-the-dollar-opec-uneven-coordination-20200410/
The EU has agreed on a 560 billion euro aid package. This does not look like the final price to fight the current crisis, but it is a good starting point.
However, the real info bomb is the announcement of new measures from the Fed. The US central bank has announced a new program under which it can buy back corporate bonds up to BBB-/Baa3. The most important, that the Fed will look at the rating on March 22, i.e. until the recent (and possible future) massive cuts from rating agencies. Due to leverage, the volume of purchases under this program may reach $2.3 trillion.
This is a tectonic shift on the central bank’s side, the consequences of which will affect markets for a long time.
https://fxpro.news/daily-forex-outlook/feds-step-may-undermine-the-dollar-opec-uneven-coordination-20200410/
Bitcoin lost more than 4% in one day, pulling down the rest of the crypto market. As is often the case, the sideway price trend ends with a sale for bitcoin. At the moment, the benchmark cryptocurrency has rolled back below the round level of $7K, which can hardly be considered a disaster.
The Crypto Fear & Greed Index, which has barely begun to rise recently, has plummeted back to 15, which corresponds to "extreme fear". If buyers do not support Bitcoin soon, the situation may go even more harmful.
Recently "halved" Bitcoin Cash (BCH) and Bitcoin SV (BSV) are down by more than 9% amid disappointment in the crypto community. According to WhalteAlert, unknown whales moved 49,342 BTC (USD 361,016,972). These bitcoins were moved between two wallets. Often after such large movements, the market is experiencing increased dynamics in either direction.
The Crypto Fear & Greed Index, which has barely begun to rise recently, has plummeted back to 15, which corresponds to "extreme fear". If buyers do not support Bitcoin soon, the situation may go even more harmful.
Recently "halved" Bitcoin Cash (BCH) and Bitcoin SV (BSV) are down by more than 9% amid disappointment in the crypto community. According to WhalteAlert, unknown whales moved 49,342 BTC (USD 361,016,972). These bitcoins were moved between two wallets. Often after such large movements, the market is experiencing increased dynamics in either direction.
#WaveAnalysis
#NZDUSD broke round resistance level 0.6000
Likely to rise to 0.6200
https://fxpro.news/market-snapshots/nzdusd-wave-analysis-10-april-2019-20200410/
#NZDUSD broke round resistance level 0.6000
Likely to rise to 0.6200
https://fxpro.news/market-snapshots/nzdusd-wave-analysis-10-april-2019-20200410/
#WaveAnalysis
#Disney approached resistance level 105,00
Likely to fall to 92.40
https://fxpro.news/market-snapshots/disney-wave-analysis-10-april-2019-20200410/
#Disney approached resistance level 105,00
Likely to fall to 92.40
https://fxpro.news/market-snapshots/disney-wave-analysis-10-april-2019-20200410/