Wall Street Splits on Dollar and Whether It Has Found a Floor

Wall Street analysts are divided on where the dollar is heading as actions by major central banks to combat the impact of the coronavirus upend markets.

The greenback fell to a six-month low against the yen Thursday as investors wager the Federal Reserve and policy makers in other nations are likely to introduce additional rate cuts or announce stimulus packages to support global economic growth. While strategists at Canadian Imperial Bank of Commerce and Deutsche Bank say interest-rate cuts will bring more losses for the U.S. currency, JPMorgan Chase & Co. and Goldman Sachs Group Inc.’s forecasters sees the greenback benefiting from haven demand. Read More

TECHNICAL CHARTS

PSEi still okay for now – should rebound to re-test line 7000
USD CRASHES – more downside expected today
Gold expected to rally to new highs this month
Japan market will have more downside today
US Market mixed – we believe this correction is healthy – tonight NFP will decide new direction

KEY TAKEAWAYS

  • Market is still fragile as CORONAVIRUS intensifies
  • Italy reports 41 new coronavirus deaths, bringing toll to 148 READ MORE
  • Remember when everyone are fearful – market looks delicious

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