EURUSD 1.1809 |
USDJPY 104.82 |
GBPUSD 1.3021 |
AUDUSD 0.7123 |
USDCAD 1.3212 |
GBPJPY 136.51 |
EURJPY 123.80 |
AUDJPY 74.66 |
CADJPY 79.32 |
Silver 24.25 |
Dawn of the Dark Winter
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The combination of resurfacing lockdowns and profit downgrades from once-safe haven companies cast a quick and vicious selloff on global indices. Fresh lockdowns in Italy and Spain along with record case numbers all over the developed world on the weekend threaten to upend the recovery. Peculiarly, AUD and NZD remain the only currencies to not fall against USD. CFTC positioning is below. Ashraf's tweets below cover the unfolding situation starting with SAP's downgrade on Sunday night. The Premium short in NASDAQ hit its final 11370 target for 430-pt gain.
Although I am not sure if we will reach new lows, but i would expect the market to tank again before new highs in the longer run will be reached.
+ dollar to gain strength when ISM keeps dropping
+ dollar denominated debt increasing dollar demand
+ important for euro to drop in value to loosen financial and credit conditions domestically
+ dollar = safe haven