The US is planning on reopening its economy, a plan is seen by a few other countries at the same time, despite the growing number of deaths and cases, and the misreported numbers of people have died outside the hospitals. The move seems a little premature, as the risk of opening up the economy could mean that the second wave of Coronavirus outbreak could be expected.
The economies have been badly managed, leveraged on debt and only able to sustain if everyone keeps working, we were not prepared, no country was, and the world health organization failed to manage this situation for which it is paid to do.
But the damage is done and if things begin to go the way we are expecting, we will begin outlining our plans for selling the S&P 500.
We could see EURUSD, consolidate a little today or even decline as our first target was hit yesterday at 1.0970. The idea is we see a continuation towards our 1.1060 as our ultimate target.
Our initial target of 1.2550 was blown out yesterday and we saw price continue through, today we can expect if the dollar continues to weaken, our ultimate target of 1.2770 hits today.
This pair has still not provided us with the trade we are looking for, it has been stuck in the mud, but as long as the news today economically speaking is heavy with dollar-based news and Canadian based news. we should get a heavy impact today, but it will be late in the day, so expect a slow day with updates on the position in the evening.
This asset will significantly be impacted today, if the news is negative for the US economy, we could see a boost in gold purchasing as a flight to safety if this causes the US stock market to begin its decline.