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Here is this week's Game Plan
Uncertainty on how the virus will impact global growth will continue to dominate investor sentiment in the week ahead.
China reported a sharp fall in new deaths and cases of the coronavirus on Saturday, but world health officials warned it was too early to make predictions about the outbreak as new infections continued to rise in other countries. The numbers surged elsewhere, though, with outbreaks worsening in South Korea, Iran, Italy and Lebanon.
Themes for the week:
- Coronavirus: traders are watching the spread in the virus around the world. Despite the slowdown in cases in China, around the world (Especially in South Korea and Italy) there has been an explosion in cases. The focus will return to the impact on global growth.
- USD: ISM and Markit PMIs have hit the USD. HOwever, the impact may be temporary.
- Emerging Markets: the IMF is busy helping Argentina, Lebanon, Egypt, Ukraine to fight their financial crisis. The more the USD rises, the worse things will get.
- NZD Retail Sales
- GER IFO
- US GDP Q/Q
- CAD GDP m/m
Going into the week I'm cautiously bearish on equities (Dow, Dax, Eustxx), I remain bullish on Gold especially (Silver to a lesser extent); I remain bearish on Aud, Nzd and Jpy but there isn't really anything strong to place them against...so I'll wait to see what happens to the USD (if it turns back up or not) and in the interim use CAD as second best.
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