The weekly report on US unemployment has been published, with +3.17 million new applications, which is very negative, since the overall number of unemployed is already at 21 million (16% unemployment rate). Growth does not seem to be decreasing.
Such weak data pushes the questions: what will happen to the US economy when the pandemic recedes? How long will the recovery take? Will depression stretch for many years? These questions are all very negative for the US market, thus, a downward turn and a strong fall in the near future is expected. The US market can be sold from the current prices, taking out stops for a maximum of April 29.
Euro - a strong rebound to the top is very likely.
So far, there is no correction level in the nearest price zone.
Open sell positions from 1.0725
Coronavirus in Moscow: Mayor Sobyanin decided to follow New York. The chart above shows the current dynamics of new infections in Moscow. As we can see, there is no decline yet in figures, and a strong new maximum is recorded. Clearly, quarantine needs to be tightened, or at least not weakened. However, Moscow will open all industrial enterprises and construction sites on May 12. As a protective measure, the mandatory wearing of masks and gloves is introduced in vehicles and public places. The dynamics of new cases in mid-May will show whether it will be effective.
Sobyanin said that there are at least 300 thousand people infected in Moscow (he didn't specify the source of the data, but probably based on random testing), which means that the country is on the second path of a pandemic slow down, and may soon succeed in stopping the outbreak - at the expense of a significant number of patients.
We will not be able to make a forecast until the growth of new cases stops.
But we can say that Moscow (and throughout Russia) will reach the maximum figure of "active cases" no earlier than June 7.
Take care!
