It’s been quite a ride for the two precious metals since the coronavirus outbreak began in late February. Gold (XAUUSD) up in a new recent high on March 9th and for 8 of the next 9 trading days, traded lower, down almost 15% as gold was sold to raise cash for margin in stocks as …
Thursday could be an extremely volatile day for the USD/CAD. Tomorrow, Canada releases the Employment Change for March, which is expected to be -350,000 vs +30,300 in February. As with the US Nonfarm payrolls last week, Canada is expecting a large drop in employment due to the coronavirus. Recall in the US last week, that …
Yesterday, the Norwegian Health Minister, Bent Hoeie, said that the coronavirus is “under control” in Norway and that “a person carrying the novel coronavirus in Norway contaminates now on average 0.7 other individuals.” Before lockdown restrictions were implemented, the average was 2.5 to other individuals. Good news for the Norwegian Krone, however this isn’t the …
As countries seem to have done nearly all they can to stop the spread of the coronavirus and its economic fallout, traders sit and wait. They wait for the number of daily new infected cases and they wait for the daily new number of deaths. If these numbers are decreasing, traders begin to expect a …
Mexican President AMLO has been slow to pull the trigger on a large stimulus plan as many other countries have done. However, on Sunday he established a public works program to help the poor and to create jobs. In addition, he created a program to provide low interest rates loans to boost small businesses and …
During the upcoming Asian session, the Reserve Bank of Australia (RBA) will be holding its regularly scheduled Interest Rate Decision meeting. However, there is unlikely to be any fireworks from the meeting or the accompanying statement. On March 3rd, the RBA was expected to leave rates on hold as the coronavirus was just beginning to …
Nonfarm Payrolls (NFP) released today was -701,000 vs an expectation of -100,000 and a revised +275,000 in February. Although this reading is MUCH worse than expected, April’s reading is going to be worse. The data collected for this reading was collected up until March 12th, which is before state lockdowns went into effect. As we …
It has been a long time coming, but on Monday OPEC and Russia will finally start discussing how to balance out falling oil prices. The evaporating demand caused by the coronavirus was further exacerbated by Russia and Saudi Arabia’s spat over production levels eventually leading to a 60% drop in prices this year. Despite its …
Across the globe, different countries are taking different approaches to managing their own experiences with the COVID-19 pandemic, running the gamut from the aggressive testing and medical intervention of South Korea to the UK’s brief experiment with continuing “business as usual” in an effort to accelerate “herd immunity.” Of course, the UK quickly abandoned its …
Subscribe to the newsletter
