By Andre Botha, Senior Dealer, TreasuryONE
We start the new trading week on a positive note as a cautious risk on mood prevails. The Dollar is softer this morning as better than expected Chinese trade data boosted riskier currencies. Markets are further taking heart from signs of a slowdown in Coronavirus deaths.
The Euro is up at 1.0940, the Pound at 1.2560 while the Aussie and Kiwi Dollars are higher this morning as well. The Rand is straddling the 18.0000 level after closing at 18.1157 last night.
US futures are trading around 1.5% higher this morning after closing in negative territory last night Asian stocks are trading in positive territory on the back of China’s trade data.
OPEC+ agreed to a historic 9.7 million barrels per day production cut and Oil is holding steady at $31.95. Gains in Oil are limited despite the cuts due to low demand and a glut on markets.
Gold rallied sharply to a $1 725.10 yesterday on global growth concerns and massive liquidity supply by central banks. Gold is a touch softer this morning at $1 716.35 while Platinum and Palladium are firmer at $764.50 and $2 246.80 respectively.
