
Russian-Ukrainian conflict is influencing every economic aspect…
Main movements on the market: risk-off mood strengthened USD, AUD dropped on China’s imports’ ban and Saudi Arabia cut oil production.
Today the market sentiment is quite risk-averse. There are some fears of the second wave of coronavirus infections. On the one hand, it’s awesome for the US dollar and the Japanese yen. On the other hand, it’s terrible for stocks, but not for all of them, the Nasdaq stock gained as biotech is in high need these days. Goldman Sachs expected that S&P 500 can contract by almost 20% in the next three months.
The Australian dollar went down after China had stopped imports of meat from four Australian producers, perhaps, it was the response to the Australian calls the COVID-19 outbreak inquiry.
AUD/USD has been moving up since March 23, but it seemed it takes a pause now. If it breaks through the resistant line at 0.653, it will continue increasing up to 0.667. However, if it crosses the support level at 0.64 it can fall further to the next support at 0.628.
Oil stabilized after Saudi Arabia claimed it would reduce output. Saudi Arabia made a decision that it would further slash production, going beyond the OPEC+ agreement. Moreover, there are first signs of recovery of oil demand, that is also beneficial for the oil upper price.
The WTI oil price is slightly above the 50-day moving average. If it is strong enough to break through the 26.00 mark, it will open doors towards the next resistant line at 29. Support is 20.00.
Russian-Ukrainian conflict is influencing every economic aspect…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.
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