Global markets experienced another wild week, with free falls in risk assets and oil prices. Coronavirus pandemic occupied all headlines, ranging from business news, politics, sports and show business. Massive disruption in economic activity is happening. Major central banks and governments came to rescue and launched coordinated measures to support the economy. Even the US administration was finally on board, with President Donald Trump declaring national emergency to unlock USD 50B in federal aids. From market sentiment point of view, bearish mood could have been exhausted for the near term, as seen in Friday's rebound. We'd likely seen a period of stabilization ahead, even though risks stay heavily on the downside, depending on the outbreak on Europe and US. Dollar ended as the strongest one, followed by Swiss Franc and then Euro. Yen lost some appeal toward the end of the week and ended mixed. Australian Dollar, was the worst performing one, followed by Sterling. With Fed back in focus with the March 18 meeting, Dollar's rally could be capped initially this week. |
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