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No Demand for Crude - High Demand for Crude Storage


Welcome to this week’s Market Blast Fundamentals where we will look at Coronavirus, EURUSD, GBPUSD, Gold (XAUUSD), the DAX (DE30), and UK Oil (Brent Crude).


Crude Oil has dropped to 21-year lows and many industry experts feel it may go lower as they are running out of storage space.Screenshot 2020-04-20 at 09.41.31


Due to the Coronavirus lockdowns, demand for oil is at extreme lows.


All global stock indices, like the DAX, are slowly rising but further increases will be based on economies around the world being relaunched so watch for news on Coronavirus lockdowns.Screenshot 2020-04-20 at 09.41.56


Gold has dropped from its highs of almost $1750 last week to $1680 this morning.


We will need to see more global stability, for larger bearish price action, and perhaps gold selling by Central Banks.


GBPUSD is consolidating around the key level of $1.245 after one month of gains but watch for tomorrow’s Unemployment Claims from the UK and Friday’s UK Retail sales figures.


Of course, in this pandemic and economic environment, we expect all figures to be poor such as  Canadian Retail Sales, US Home Sales and German Business Sentiment, but under these extreme conditions, the figures may not move the markets.


However, watch this week’s meeting of European Leaders when they discuss the sharing of debt and Coronavirus subsidies.


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


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