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Market View

US up, EU down!

Wednesday, April 8, 2020 5:50 PM GMT

EU markets are trimming their recent gains as Eurogroup failed to have an agreement on how to deal with the coronavirus crisis. Mario Centeno, EU Chairman, tweeted “after 16h of discussions we came close to a deal but we are not there yet. I suspended the Eurogroup & continue tomorrow, thu”. 

On the other hand, US stock market is getting stronger again as NYC’s infection rates are showing signs of improvement, while General Motors agreed to produce and deliver 30,000 ventilators to the government by the end of August (for $489.4 millions’ contract). 

Reviewing the technicals, SP500 holds above 2650 level for a second day while NAS100 still remains below the 50% Fibonacci level. GER30 is consolidating above 10000 level and UK100 still remains below the 5770 level which acts as a major resistance.

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SP500 daily chart

NAS100 daily chart

GER30 daily chart

UK100 daily chart

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Going to the forex market, EURUSD is ranging from 1.085 to 1.089 levels while GBPUSD is still moving within a wide range between 1.2195 and 1.2486. Investors anticipate updates from Boris Johnson’s health condition as he remains in intensive care with coronavirus symptoms.

EURUSD hourly chart

GBPUSD hourly chart

Checking the ZuluTrade’s Traders Sentiment, the community is mainly selling most of the following pairs.

 

Today’s economic calendar includes the following news:

UnitedStates - FOMC Minutes

 

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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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