While the world tries to find a new normal, it seems that the US stock market, although it has made gains, this is being artificially pumped up and cannot last for long. It has been reported that over the past couple of weeks 50 million Americans have become unemployed, and this also means some of the biggest names from airlines to restaurants and the entertainment industry face bankruptcies.
In the face of bankruptcies, this does not just mean that people become unemployed, but also that those jobs they did seize exist and would take another company to be created to re-create the workplace for those individuals.
And while in the past we had to deal with either racial or gender discrimination. It seems in the future we may have a new divide of antibody or immune individuals, this is to say those who are immune to the virus and those who aren’t.
Our bias is to sell EURUSD today, but we have conflicting analysis and the probabilities are low today, meaning there is more risk in the markets today while we look for a directional bias.
We are expecting to see lower prices in GBPUSD today, although it could go higher our bias has shifted as markets become riskier today.
Short term there appears to be strength in the dollar, we could see higher prices today
With the coming strength in the dollar, we are expecting weakness in gold today