Daily Alert – Thursday 23rd April 2020: Oil takes a breather; European PMI carnage
WTI spot and June futures have rallied ever so slightly. However, we have the problem of crashing demand, huge oil stocks on US soil and another 50 million barrels heading to the east coast of the US from Saudi Arabia over the next month. Oil may have another leg lower to come.
Manufacturing and Services PMI in France, Germany and the UK are all horrible, as expected.
Risk sentiment turns slightly positive yesterday but there is little momentum in either direction in global equity indices.
GOLD is at resistance at the 8-year high, around USD1725/oz. With the Bank of America target of USD3000/oz this is something to keep an eye on.
I think that’s probably it for me this week. If anything turns up I’ll be on the WhatsApp group.
Have a nice weekend when it comes and I’ll be back on Monday.
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