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Vaccine hope, EU fund fuel rally, down the dollar amid US-Sino tensions ahead of Powell

The market mood remains upbeat after a risk rally on Monday, driven by hopes of a vaccine, a Franco-German fund plan, a bounce in Chinese oil usage, and the Fed’s commitment to supporting the economy. Gold fell after shooting to the highest since 2012. Rising US-Sino tensions and testimony from Jerome Powell, Chairman of the Federal Reserve are eyed.

Vaccine? Moderna, a Massachusets-based pharmaceutical firm said its immunization candidate to COVID-19 showed promising results, as the eight people participating in the experiment produced antibodies. While this was only the first stage, hopes for a vaccine sent stocks rallying. A broad test begins in July.

German ZEW Economic Sentiment for May is set to show a marginal increase from April’s 25.2 points. Business confidence is critical to a comeback.

Central bank commitment: The Federal Reserve released Chair Powell’s remarks in testimony later today. He vowed to add stimulus as much as needed and pledged to leave interest rates low until America returns to full employment. His more positive take has also contributed to the upbeat market mood.

UK: GBP/USD has also recovered, with the pound shrugging off fraught Brexit talks and also the growing chances of negative interest rates. Silvana Tenreyro, an external member of the Bank of England’s Monetary Policy Committee, said that the policy has been successful in the eurozone.

The Australian dollar has been holding up, consolidating its gains from the risk-on move despite rising tensions with China. Beijing slapped an 80% tariff on Australian barley. NZD/USD is in a similar position after officials at the Reserve Bank of New Zealand said the kiwi’s exchange rate is supporting exports.

According to Trading Central (3rd party RIA) the EURAUD is long positions above 1.6650 with targets at 1.6855&1.6913 in extension.

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.6855
1€ 5,000.00€ 2,500.00€ 897.75
5€ 25,000.00€ 50,000.00€ 4,488.75
10€ 50,000.00€ 100,000.00€ 8,977.50
25€ 125,000.00€ 250,000.00€ 22,443.75
50€ 250,000.00€ 500,000.00€ 44,887.50

According to Trading Central (3rd party RIA) the EURNZD is long positions above 1.7976 with targets at 1.8166&1.8221 in extension.

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.8166
1€ 5,000.00€ 2,500.00€ 1,090.74
5€ 25,000.00€ 50,000.00€ 5,453.70
10€ 50,000.00€ 100,000.00€ 10,907.40
25€ 125,000.00€ 250,000.00€ 27,268.50
50€ 250,000.00€ 500,000.00€ 54,537.00

According to Trading Central (3rd party RIA) the NASDAQ is long positions above 9250.00 with targets at 9446.00 & 9555.00 in extension.

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 9446
0.5€ 21,490.83€ 10,745.41€ 3,486.24
1€ 42,981.65€ 21,490.83€ 6,972.48
5€ 214,908.26€ 107,454.13€ 34,862.39
10€ 429,816.51€ 214,908.26€ 69,724.77
20€ 859,633.03€ 429,816.51€ 139,449.54


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