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Coronavirus Stalls Crude Prices. New US Stimulus Package.

   

Welcome to this week’s Market Blast Fundamentals where we will look at USDZAR, the DJI (US30), the Chinese A50 Index, GBPUSD, and US Oil (WTI).

 

New spikes in Coronavirus cases, lockdowns, and the lack of global travel has halted the rise in WTI and Brent Crude as we have seen prices falling for the last 3 trading days.Screenshot 2020-07-20 at 09.31.28

We see GBP slightly weaker this morning but keep an eye on GBPUSD and the Pound crosses as we may see more weakness with diplomatic issues between China and the UK.Screenshot 2020-07-20 at 09.31.35

The Chinese A50 has retreated after a huge bull run 2 weeks ago but watch for news on trade sanctions as more countries take action over Huawei and Hong Kong.

The Dow Jones Industrial Average, along with most equity indices, has fallen over the last few days with Coronavirus fears, but the US Congress will start to debate a new stimulus package for the failing economy.

The results will impact almost everything in commodities, currencies and equities.

We have lots of economic news this week, so check your calendars before trading with Retail Sales figures from Canada, Australia, and the UK, US Home Sales and an Interest Rate decision from South Africa where we see the Rand increasing in value against the USD since April and we will look at that again tomorrow.Screenshot 2020-07-20 at 09.32.02

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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