Welcome to this week’s Market Blast Fundamentals where we will look at the NZDUSD, AUDUSD, the Hang Seng Index (HK50), GBPUSD, Gold (XAUUSD) and the Coronavirus.
The market is expecting lower NZD and AUD as restrictions will keep Chinese tourists away for the foreseeable future and Gold is heading higher as the supply chain problems from China should effect equity investment later in the year.
Keep an eye on resistance on Gold at the psychological level of $1600.
For the short term, however, Global stock indices are heading higher, even the HK50 which still needs to recover from civil unrest.
The Pound took a big jump last week with a new Chancellor of the Exchequer being appointed which will allow Boris Johnson to spend more on UK infrastructure and public sector.
The next UK budget is due next month and any news on spending and the budget will affect the Pound but also watch for tomorrow’s UK Employment data and Thursday’s Retail Sales.
Retail Sales figures are also due from Canada and New Zealand this week, Employment data from Australia and Property figures from the United States.
That’s all for now. Happy trading with Valutrades and we will see you Wednesday.
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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