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Here is what you require to understand on Wednesday, March 25 th:
- It was all about danger appetite. Huge stimulus from the Fed announced on Monday led to sharp gains in global equities. The DJIA included 11.37%while the S&P closed 9.38%higher. Demand for the greenback reduced, with European currencies able to recuperate some ground, although relieving ahead of the close. No substantial change in long-term bearish bias for EUR and GBP.
- The coronavirus outbreak continues to control the headlines. The variety of cases and the death toll keep increasing. Italy reported less new cases, although the death toll was up once again. The number of cases in the US jumped to 51.542 Nevertheless, United States President Trump is contacting us to resume activity in the country, through twitter.
- After the UK revealed a lockdown on Monday, this Tuesday was the turn of India. Regardless of the number of cases is small when compared to European countries, the country will be totally locked down for the next three weeks.
- The USD/JPY set reached 111.70, surpassing its current highs by a couple of pips, holding on to gains in spite of the broad dollar’s weak point, amid the better market’s state of mind.
- The AUD/USD recovered the 0.5900 limit, underpinned by equities and gold. The Canadian dollar traded range-bound versus the greenback, with the benefit restricted by weaker oil.
- Crude oil rates remained depressed near their recent multi-year lows ahead of stockpiles data. Tensions between Saudi Arabia and the US along with dropping demand weighed on the barrel’s price.
- Gold prices skyrocketed along with equities, as, with the greenback out of the image, the bright metal discovered demand. Spot gold reached $ 1.63100 a troy ounce and settled not far below.
- Crypto Today: Bitcoin bulls raining in on $7000 return
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