Welcome to this week’s Market Blast Fundamentals where we will look at EURUSD, USDJPY, the Hang Seng (HK50), WTI (US Oil), Brent Crude (UK Oil), the S&P 500 (US500), and the NASDAQ (US100).
We note during the last week that all global stock indices have fallen likely due to pessimism based on the spread and infection rate of the latest strains of COVID and the slow progress of vaccines.
We will need to see better news on Coronavirus to see a reversal but watch the news this week as the new US government of Joe Biden is expected to announce a massive stimulus package to keep the US economy moving.
Also, many large companies are announcing their earnings this week so keep an eye on these levels.
The only global stock index in positive territory is the Hang Seng in Hong Kong which you can trade on Valutrades at HK50.
Basically, the Chinese economy is growing which always helps Hong Kong listed companies, the tech stocks are doing well with the real estate and financial stocks down, so watch for a reversal if we see a sell-off or more bad news about COVID in Asia.
Global lockdowns have, of course, affected the price of both WTI and Brent Crude so we need to see better news before a recovery in crude oil.
The Euro is weaker against all major counterparts since last week but watch for economic news from Germany tomorrow, an EU Leaders Summit Thursday and an Interest Rate decision followed by an ECB Press Conference.
We also have Interest Rate decisions from Canada and Japan this week and we see JPY strength since last week.
Don’t forget to register for this evening’s webinar on Oscillators on the Valutrades website under “Education” and “Upcoming Webinars”.
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That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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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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