ZuluTrade Blog

The 4th package of stimulus is coming!

Market View | Tuesday, March 31, 2020 12:06 PM GMT

The latest news is supporting the global rebound on the majority of financial markets as Congress is preparing the 4th phase for fighting the coronavirus outbreak. This initiative comes from the House Democrats as they want to support the US recovery though they will need Republicans agreement. Additionally, Johnson & Johnson announces a lead vaccine candidate for COVID-19 and a commitment to supply one billion vaccines worldwide for emergency pandemic use. 

Going to the Asian market, positive economic data are supportive and help traders to get slightly optimistic about the virus crisis. Chinese PMI has exceeded the expectations in March reaching 52.3 from 29.6 in the previous month. Also, Japanese Industrial production was increased by 0.4% as well as the retail sales were higher by 1.7%. 

However, promising news is coming from the oil price war front where Trump, US President, had a call with Putin, Russian President, and discussed the oil prices issue and the coronavirus spread. They both agreed that will have closer cooperation, especially through G20. 

Heading to the forex market, the US Dollar is still gaining ground against its counterparts. As mentioned yesterday, EURUSD has formed a potential peak and has started retracing to the downside. Likewise, there is potentially the same formation for GBPUSD though it holds better than the fiber.

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EURUSD daily chart

GBPUSD hourly chart

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Checking the
ZuluTrade’s Traders Sentiment, the community is buying EURUSD, GBPUSD while is selling USDJPY.

Today’s economic calendar includes the following news:

EuropeanMonetaryUnion - Consumer Price Index - Core (YoY) (Mar)

EuropeanMonetaryUnion - Consumer Price Index (YoY) (Mar)



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