We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Breaking news

Chinese PMI Data Beats Estimates. Manufacturing 52.0, Est 44.8, Non-Manufacturing: 52.3, Est 42.0

Real Time News
  • My trading video for today: '#Dow and S&P 500 Slow Advance a Best Outcome, G7 and Chinese PMI Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/03/31/Dow-and-SP-500-Slow-Advance-a-Best-Outcome-G7-and-Chinese-PMI-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/JFyPe0UWjq
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/IZlYdXrnLm
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 6.93% Silver: 0.73% Gold: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wMbZni4GxM
  • "However, this downgrade may be the canary in the coalmine for other emerging market economies that may spread to their OECD counterparts" https://www.dailyfx.com/forex/fundamental/article/special_report/2020/03/30/Euro-May-Rise-on-ESM-Crude-Oil-Selloff-Deepens-on-OPEC-Price-War.html
  • You can't see it, but I have a seriously dubious look on my face https://t.co/vOEfdaHwyg
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇦🇺AUD: -0.13% 🇨🇦CAD: -0.22% 🇪🇺EUR: -0.27% 🇬🇧GBP: -0.69% 🇯🇵JPY: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XyAyUgqavm
  • LIVE NOW! APAC Head Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.82%, while traders in US 500 are at opposite extremes with 72.90%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/el9cpkaZNX
  • The $USD may rise versus the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit if capital flows out of #ASEAN countries as key U.S. data risks a selloff in equities. Get your market update from @ddubrovskyFX here: https://t.co/JWIRn6MLrK https://t.co/W3zdKcvSCJ
  • LIVE IN 30 MIN: APAC Head Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Swiss Franc, Gold Up As Trump Coronavirus Speech Fails To Reassure

Swiss Franc, Gold Up As Trump Coronavirus Speech Fails To Reassure

2020-02-27 01:08:00
David Cottle, Analyst
Share:

US Stock Futures, Donald Trump Coronavirus Speech, Talking Points:

  • The Swiss Franc and gold gained as Donald Trump spoke
  • Markets have seen virus worries knock trillions of dollars from stock markets
  • The spread of the disease will continue to dominate sentiment

The Swiss Franc made gains Thursday suggesting that US President Donald Trump’s speech on his administration’s coronavirus response did not reassure nervy financial markets.

Other counter-cyclical ‘haven’ assets like the Swiss Franc and gold also saw modest rises in the aftermath, while US stock futures slipped, by as much as 1% while he was speaking in the case of the S&P 500 which has already endured five straight days of losses.

The President attempted to reassure both markets and the public. He pointed to the relatively low level of cases reported in the US and focused on the need for basic hygiene measures to combat the contagion, while public health officials noted that attempts to produce a vaccine against coronavirus were ongoing.

New Case of Unknown Origin Suspected

However, the markets are increasingly worried about the global economic hit that the disease could bring, and just before Trump spoke US news outlets reported that a person had been infected by unknown means in California. Most cases can be traced back to contact with people from the virus’ starting point in China but those with no known link complicate the fight against it. Norway also announced its first confirmed case in the hours before the speech.

Various countries from China through Singapore and beyond have seen growth forecasts revised lower with the outbreak repeatedly cited.

The contagion has seen investors move back into the usual run of assets which tend to do well when growth fears predominate. The Swiss Franc is of course one but the US Dollar itself along with the Japanese Yen, bonds and gold have all seen broad support. Ten-year US Treasury yields have made record lows, as they move inversely with prices, and Goldman Sachs has this week upped its twelve-month gold forecast to $1800 from $1600.

US Dollar Vs Swiss Franc, 5-Minute Chart

The Swiss currency rose in the wake of the speech, with USD/CHF continuing to track lower as it has for most of the time since December.

The strong underlying bid for all assets in this class is likely to remain in place for as long as coronavirus and its spread continue to dominate the headlines.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by David Cottle
Improve your trading with IG Client Sentiment Data
Get My Guide

Swiss Franc Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

https://www.dailyfx.com/free_guide-tg.html?ref-author=Cottle.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.