Welcome to this week’s Market Blast Fundamentals where we will look at and CADJPY, USDCAD, AUDJPY, the S&P 500 (US500), the NASDAQ (US100) and the Hang Seng (HK50).
Asian stock markets are announcing a bull market with government stimuli and news of Coronavirus vaccines becoming positive and we finally see the Hang Seng over the 200 day moving average.
The NASDAQ is now at all time highs with most technology companies benefiting from Coronavirus.
However, keep an eye on the S&P 500 as many companies will be releasing their earnings reports over the next few weeks and may be negatively affected by Coronavirus factors.
The “Risk-On” attitude in the markets sees safe haven currencies like the Yen being sold with AUDJPY and GBPJPY going higher.
However watch out this week for an Interest Rate decision from Australia, a speech from the Bank of Japan Governor and more news on Brexit negotiations which will affect these pairs.
The Canadian Dollar will also be in focus this week with a PMI and employment figures and Crude Oil Inventories.
Currently, CAD is benefitting from USD and JPY sell-off in the “Risk-On” stock market.
Watch for today’s US Non-Manufacturing PMI which will be a good barometer into the American economy with many states and cites being overrun with new Coronavirus cases.
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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