Money flows again targeted to safe havens in the European premarket

Cash flows are again directed to defensive assets. Despite China’s attempts to control the Crown virus and stimulate the economy, investors are also facing a harsh reality. Cases continue to increase for both infected and deceased.

European futures are down as we would expect a risk off session today. The market, despite the economic calendar today, will remain focused on the news around the virus. Despite the decline in futures, gold and the franc are also under pressure. The yen continues the losing streak after the Chinese launched the stimulus and Japan is in the shadow of a recession.

Bitcoin again retreated from $ 10,000, barely holding back over $ 9,500. Price remains under pressure despite investors’ interest in the asset as a safe haven.

Oil clears the double bottom of the living room, with the price indicating a rebound in the breakthrough. The conflict in Libya will continue to have a positive impact on the price to the extent that the situation there escalates significantly. In terms of supply and demand, the market remains oversaturated. API data showed more inventory, and today is the official US national inventory data.

The euro continues to “go up” to 1,078 against the backdrop of the continuing USD. The Australian dollar remains one of the worst currencies since Australia’s unemployment jumped from 5.2% to 5.3%.

 Trader Martin Nikolov

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