Oil: OPEC + countries, along with Russia, US, Canada and Mexico, agreed to reduce oil production by 9.7 million barrels.
However, oil is still not growing, because of the low demand caused by the global crisis. I expect the price to trade in the range of 20-30 dollars.
Coronavirus update:
US - death rate has decreased from 1,900-2,000 per day to 1,530 per day. This is a clear signal that the pandemic is slowing down.
As of the morning of April 13, the total number of coronavirus cases across the US is 560,000. The increase in new cases was +27,000 per day, which is approximately +5%. This also clues in that the pandemic is now slowing down.
In New York, the total number of cases is 190,000. The increase per day is +8.3 thousand, which is approximately +5%.
Europe - The total number of coronavirus cases in Italy and Spain is 155-165 thousand. The increase per day is not higher than +4000, which is approximately below +3%. In Italy, the number of deaths is now below +500 per day, while in Spain, +600 per day. Deaths in Britain increased by about 700 per day.
The situation in Russia is deteriorating rapidly. Although the number of cases is quite low at 15,800, the increase of new cases per day is +2,200, or +15%. The most severe situation is in Moscow.
The outbreak in Russia is much smaller than in Italy, Spain and US. However, the situation is getting worse, and the upcoming week will be critical for Moscow. At best, the situation will stabilize by April 17-19, where the number of new cases will hopefully decrease to below 10% per day.
EUR/USD: The latest data on the US economy will come out this week.
Euro is trying to rise. Open buy positions at 1.0930. Stop at 1.0840.
