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Market View

NY FED pumps in trillions and Markets rise!

Friday, March 13, 2020 1:13 PM GMT

NY FED committed to injecting trillions in the market as a measure for containing the massive sell-off bias in all US indices. Yesterday, the US stock market recorded the worst trading session since 1987 as there were consecutive limit downs during the day. The purchases have already begun while they will last until 13/4 and then a new phase will be launched depending on the situation.

EU Market opened higher as GER30 gains 3.03%, FRA40 +3.9%, IBEX +5.88% and UK100 +3.5%. Philip Lane (ECB Chief Economist) said in a blogpost that future cuts are possible however this action may not be so effective for the current situation. Also, Francois Villeroy De Galhau ( Bank of France Governor and ECB Governing Council member) said at France’s Radio Classique “If there are fragmentation risks we will use all of the possible flexibility, which means for purchases of public debt that we can temporarily distance ourselves from countries’ capital keys and buy more of some debt and less of others”.

US Dollar still maintains its profits against major counterparts. Most majors are moving in a specific range as traders await the next catalyst event. EURUSD bounced back at 1.1094 while it currently looks weak.  GBPUSD still remains oversold on RSI (14).

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EURUSD 240m chart

GBPUSD 240m chart

AUDUSD 240m chart

 

Checking the ZuluTrade’s Traders Sentiment, the majority is selling GBPUSD and USDCAD while is buying EURUSD and USDCHF.

Today’s economic calendar includes the following news:

UnitedKingdom - Bank of England Minutes

UnitedStates - Michigan Consumer Sentiment Index (Mar)

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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