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The fear of the second wave is upon markets - Tuesday review, May 12

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
In anticipation of the decisions that will take place today, most markets performed negatively

The US

All major indices lost yesterday after Fauci’s statement regarding the treatment for the Coronavirus. He said that a treatment or a vaccine would probably be ready in late August or September. Until then, he fears of more cases and deaths as the economy is about to reopen. Moreover, investors expect the Fed’s decision regarding the negative interest rates. USA30 lost 1.89%, while USA500 shed 2.05%. TECH100 dropped 2.06%.

Oil lost 1.63% to $25.36 per barrel. Brent Oil fell 2.03% to $29.37 a barrel.

Gold gained 0.07% to trade at $1,705.65 per ounce.

ICE lost 0.32% to be at 99.950.


Asia and Australia

Loses also continued on the other side of the ocean: Japan225 lost 0.8%. Australia’s ASX went down by 1%.

USD/JPY traded at 107.15 after it dropped from 107.76 – the highest it has been since April 24. 

AUD/USD traded lower than it did on Monday, at $0.6473.


Europe

In Europe, markets were mixed, the only benchmarks which gained were Europe50 and UK100. The first rose 0.3%, while the latter added 0.9%. Germany30 lost 0.05%. 

EUR/USD was at $1.0848.

EUR/GBP gained 0.92% to 0.8837.

GBP/USD was close to a five-week low at $1.2264, as the government doesn’t seem to reach a viable decision regarding the lockdown measures. 

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Sources: reuters.com, investing.com, marketwatch.com


This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.