Welcome to this week’s Market Blast Fundamentals where we will look at USDCNH, Gold (XAUUSD), USDCHF, USDJPY, HK50, and the Coronavirus.
Last week we made a chart profile called Coronavirus where we see that weekend gaps on Gold, US Oil and the Yen were filled but prices, especially the Chinese Renmibi, continuing to react to the virus threat.
Global Stock Indices have also reacted badly to the virus threat, especially the Hang Seng in Hong Kong.
Looking at the USD Majors we see Dollar strength except against the safe havens like JPY and CHF but watch out this week for US Economic News on Manufacturing PMI today, Non-Manufacturing PMI andADP Employment Wednesday, and, of course, the biggest event of the of the month, the Non-farm Payrolls.
Also, the Reserve Bank of Australia will be deciding on their Interest Rate tomorrow and we will expect more AUD volatility with the RBA speeches on Wednesday and Thursday and Retail Sales also on Thursday.
We see AUD weakness in all major pairs but keep an eye on your key levels and the further effects of the Coronavirus.
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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