Brad Alexander
FX Large Limited
We note during the last week that all global stock indices have fallen likely due to pessimism based on the spread and infection rate of the latest strains of COVID and the slow progress of vaccines.
We will need to see better news on Coronavirus to see a reversal but watch the news this week as the new US government of Joe Biden is expected to announce a massive stimulus package to keep the US economy moving.
Also, many large companies are announcing their earnings this week so keep an eye on these levels.
The only global stock index in positive territory is the Hang Seng in Hong Kong which you can trade on Valutrades at HK50.
Basically, the Chinese economy is growing which always helps Hong Kong listed companies, the tech stocks are doing well with the real estate and financial stocks down, so watch for a reversal if we see a sell-off or more bad news about COVID in Asia.
Global lockdowns have, of course, affected the price of both WTI and Brent Crude so we need to see better news before a recovery in crude oil.
The Euro is weaker against all major counterparts since last week but watch for economic news from Germany tomorrow, an EU Leaders Summit Thursday and an Interest Rate decision followed by an ECB Press Conference.
We also have Interest Rate decisions from Canada and Japan this week and we see JPY strength since last week.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.