Oil declined on Monday morning. The CL contract fell below $ 15 - this is caused by the oversupply of oil in the market, despite the OPEC + deal and the expectation of a global economic downturn in the 2nd quarter.
Last week, the US market closed at the monthly highs, ignoring the extremely negative data on the US economy, such as the rising unemployment to 12 million. So far, the huge packages of economic assistance from the Fed and the government outweigh these factors, however, it will cease to put pressure on the market after some time, and we will soon see a new wave of a decline.
Coronavirus: We see clear signals that the pandemic is receding in the Western countries:
US - despite the huge number of infected people - 765,000, which is almost a third of the overall number of infected worldwide (2 million 400 thousand), the daily increase of new cases is 26 thousand. This is the lowest recorded since April 5. Mortality rate also decreased to +1,560 per day
Europe - similarly, the mortality rate in Italy and Spain fell to below 450 per day. In France and Britain, mortality decreased below 500 and 600 deaths per day.
Authorities in US and Europe are beginning to gradually open economies - begin easing the rigidity of quarantine, since the huge decline in the economy, as well as the rising unemployment, is becoming the number 1 problem.
Italy reduces its restrictions. Texas opens. Israel begins to soften quarantine.
Russia: The number of infected increased sharply on April 19 - +6,000. The country now ranks second, after the United States, in the highest number of new infections per day, despite the relatively small number of coronavirus cases (42,000)
EUR/USD
Euro is consolidating with an advantage downward.
Open sell positions if euro falls below 1.0675.
Open buy positions if euro rises to 1.0990.
