FxPro Daily Insight for March 10
March 10, 2020 @ 17:56 +03:00
Market overview Stock volatility remains extremely high. After a strong, but short-lived rebound, indices again turned to decline. S&P500 adds 2.5%. EuroStoxx50 strengthened by 1%, FTSE100 is growing by 2.1%.
The dollar index has returned to the lows since June 2019; the FX volatility remains exceptionally high by historical standards. JPY, EUR, CHF are the leaders of the decline. The rebound in commodity prices made ZAR, RUB, NOK the growth leaders to USD.
Gold is down for the second day, trading at $ 1,657 after touching $ 1,700 on Monday morning.
Brent near $37, experiencing obvious difficulties on attempts to grow above $38. For WTI, the level of $35 became short-term resistance.
The market was dominated by buyers in the first part of the day on hopes of coordinated and strong global stimulus. However, the last minutes are marked by increased sales.
Important events, GMT (Exp.): 09:30 UK !! GDP, Jan (0.1% 3m/3m) 11:30 UK !!! Annual Budget Release 12:30 US !!! Consumer Price Index, Feb (2.2% y/y)