Daily News – 12 March 2020

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By: Stuart Cowell

Good Morning – Wednesday washout is becoming Thursday fallout. Equities closed down 5% and now down 20% from February peak and in a BEAR market, TRUMP bans travel from Europe (26 countries) – but not bizarrely the UK. Triggers further selling in Asia Nikkei down 4.4%, ASX down 7%. – JPY, CHF up, Treasuries in demand – Oil down again Gold also slips.

USD Index – holds S1 at 96.00, pp 96.35, r1 96.70
EUR – up from 1.1260 lows to 1.1290 pp, R1 1.1332
JPY – under 104, trades 103.70 – S2 103.30
GBP – (30 billion GBP fiscal stimulus in Budget yesterday) – down to 1.2800 – S1 1.2755, PP 1.2860
AUD 0.6640 – pp 0.6500, s2 6420 s3 0.6400
CAD – tested 1.3800 earlier trades at 1.3788 – R1 1.3820
CHF – down to 0.9350 – s2 0.9390

GOLD – down 1636 – pp 1650 – s1 1622.
Oil down again at S1 31.60 – S2 30.14

Equities slumped another 5% down 140 pts to 2740 at the close. (Dow lost 1500 pts and 5.86%) – FUTS fell again after the TRUMP statement trade at S2 at 2635.

TODAY – ECB – What can they do but follow with Rate cuts and more stimulus – 12;45 GMT & Press conference 45 mins later. Also US PPI and Weekly Claims.

Biggest (FX) Mover @ (07:00 GMT) AUDJPY (-1.50%) Back under 68.00 yesterday and breached 67.00 during the Asian session, printing low & finding support at 66.75. MA’s aligned and sloping lower; RSI (38) & MACD histogram moving lower, Stochastics holds at lows testing OS zone. – H1 ATR 0.3700, Daily ATR 1.6000.


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