USD, EUR, GBP AUD, Gold, Oil, Dow Jones & More - Weekly Forecasts as Coronavirus Grips Markets
The US dollar[1] ripped to a 3-year high before pivoting lower as supply chain disruptions, largely due to the coronavirus outbreak, pushed business activity to a 76-month low.
Amid the deterioration in sentiment and rise in recession risk, spot gold prices[2] spiked to a 7-year high while the stock market retreated from its record.
Meanwhile, a broader selloff in risk assets like crude oil[3] and the Australian Dollar[4] pushed the commodity and major currency pair markedly lower.
The coronavirus outbreak and it’s corresponding impact on global GDP growth outlook will likely linger as a key theme to watch over the coming trading sessions.
Take a look at the fundamental and technical forecasts below for detailed insight on what our analysts are expecting across the global market next week.
Fundamental Forecasts:
Gold Forecast: Bullion Bid on Recession Risk, Inverted Yield Curve[5]
Gold might extend its advance – even after climbing to its highest level in seven years – as an inverted yield curve rekindles recession fears amid the ongoing coronavirus outbreak.
Euro Weekly Outlook: No Sign Yet of a Significant Rally[6]
EUR/USD[7] has been weakening since the start of 2020 and the decline has accelerated this month. At some point there will be a correction but further losses are still likely as the year progresses.
Crude Oil Torn Between Iran Election, Coronavirus and G20 Summit[8]
Crude oil prices may rise on supply-disruption fears after the outcome of the Iran election, but infected sentiment from coronavirus fears may derail Brent’s recovery ahead of the G20 summit.
Australian Dollar Data Drought Leaves Virus Headlines in Charge[9]
