ZFX: Ranging pattern? No clear direction before big news
Investors are still worrying the new outbreak of the new coronavirus as the confirmed cases surged in several states in the US. The jobless report on Thursday also indicated that the recession of the US would be likely longer than expected. Risk sentiment maintained on Thursday and optimism of economic recovery further faded out.
The dollar index was ranging at 97 level on Thursday earlier, but reached the day high of 97.58 in the US trading session due to the fears of second wave pandemic, strengthening the demand for safe-haven.
However, the tension between China and the US eased a bit after the top diplomats from both sides held a closed-door meeting in Hawaii. The three major Wall Street indexes once again mixed, with low volatility.
The rise in new coronavirus cases is now one of the key concerns again, with more than 8.4 million confirmed cases worldwide and more than 450000 deaths. The risk of reopening economic activities is going to be higher and higher, which may slow down the recovery unless the vaccine has been developed.
ZFX analyst Jacob Leung said that there was no main market theme throughout this week, making the trend just ups and downs. Investors were cautious before any breakthrough. No important figures on Friday means that the trend will be mainly dominated by sensitive market sentiment.
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