Gold 1670,57
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EURUSD 1,14
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DJIA 24539
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OIL.WTI 29,86
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DAX 11548,46
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The week ended with not very comforting news. Coronavirus continues to walk around the world and is not going to calm down. All world markets end the week in a red background. The data on the US labor market did not give any clarity at all.
Chart of the day – Oil Brent
This week will be very difficult for the market. There will be very little macroeconomic statistics and not enough information to make decisions. Such uncertainty will push capital to flight from risk.
Euro
The Euro made a dramatic leap up to an eight-month high. Problems with the coronavirus don’t go away and are still putting pressure on the EU economy. The sharp decline in the US Federal Reserve’s refinancing rate caused panic in the markets and pushed investors to withdraw to more secure assets. Of course, for such serious growth, the market has to roll back a little. Due to the lack of serious news during the week it is quite possible to expect a slight pullback in the Euro, because the market cannot grow so much and for so long. On Friday, the euro closes the week at 1.13 against the US dollar.
OIL
One of Friday’s saddest events was the OPEC meeting. During the meeting, due to Russia’s position, the countries failed to agree on a reduction in production. Brent is falling by almost 9% in one day and is likely to continue this movement. Black gold price is at its lowest level in two years and trades for $45.5 per barrel.
GOLD
Gold feels great and is preparing to break through the highs once again. Money is flowing from risky assets to safe havens, and the process will continue until the situation in world markets begins to correct. The Coronavirus is adding to the problems and is one of the catalysts of capital movement. Gold is traded at $1675 per ounce on Friday.
What’s waiting for us today?
00.50 Japanese GDP
08.00 Trade balance in Germany for January
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