Yesterday, US Jobless Claims came in at an astonishing 3.283.000, the highest number in records for this 56-year old-time series, more than four times bigger than the previous high of 695k in Oct 1982 and – for statistic lovers – at about 30 standard
G20 leaders had a teleconference yesterday and this morning Trump has been in touch with Chinese leader Xi for discussing global solutions of the pandemic.
Also, on a different note, the US is urging the UAE to stop investing in Russian oil projects, leave the OPEC, and join forces with them.
INDICES and EQUITIES extended their rally around the world led by Wall Street in the last entire week before the 1st quarter will end (this generally implies portfolio rebalancing by big asset managers). If you like to crunch some numbers, check out the next image (when SP500 lost more than 10% in 10 days and gained more than 10% in 3 days).
It has not been a good week for the USD. DXA is now in the 99.00 area, EURUSD yesterday almost reached back 1.11, AUDUSD has been going up for six consecutive days now and also CAD is finally starting to show some consistent strength. I find the cable very interesting.
Energy is still weak, both CL (-7.5%) and NATGAS, XAU consolidating in the 1610 / 1635 area. As we have recently added PALLADIUM, after the big fall in the worst days of this crisis, it has made a comeback of almost 70% to 2226$, anyway quite close to resistance at 2375 about now.
As a final note…Hey, we do offer ZOOM among our stocks and yes, it is an ATH! Will look at it in the weekly outlook.
By: Marco Turatti