Abstract：COVID-19 ravages the world and profoundly affects the global economy. Today I will give you an overview of the impact of COVID-19 on the global economy
The dollar strengthened against other world currencies yesterday, especially commodity-based currencies, amid falling oil prices. Currencies that are sensitive to oil movements are pressuring the dollar, with the US dollar strengthening 0.36% above the loonie, while the Norwegian krona and the Mexican peso have fallen 1.3% over the greenback. The dollar also strengthened ahead of the online EU summit, which will discuss how to overcome the economic impact of the pandemic crisis next Thursday. Differences of opinion are likely to occur, especially regarding coronabonds, which are demanded by the member states of the South European Union. Analysts see that low expectations for the summit member agreement could put pressure on the euro in the short term. The dollar index gained 0.19% to 100.02.
Canadian Dollar (loonie) is one of the currencies hard hit by falling oil prices. Oil companies in Canada and the US have been shaken by falling oil prices, but this decline will trigger the bankruptcy of oil companies, potentially weakening the loonie.
Gold prices rose about 1% yesterday, after briefly dropping to one-week lows as a fall in oil prices fell to their lowest level in 21 years, hitting risk appetite sentiment and pushing the transition of funds to safe haven assets. The spot gold gained 0.5% to $ 1692.26, after dropping to the lowest level since April 9 at 1670.50. While gold futures rose 0.7% to 1711.20. Falling oil prices have hit global stock markets, lifting safe haven assets. Even so, according to a reuters poll, the price of gold is likely to consolidate below its current high level due to the strengthening dollar and weak retail consumption.
WTI oil prices fell back to their lowest level in 20 years yesterday. WTI oil futures for May delivery had dropped 36% to hit the level of US $ 11 per barrel, while the June delivery contract fell 8% to US $ 22.78 per barrel and July delivery depressed 5%. The fall in oil prices was caused by concerns that US crude oil storage will soon be full. According to a Reuters report, the volume of oil stored at the point of shipment for the US WTI contract in Oklahoma, increased because the refinery was re-operating amid weak demand. Oil in tanker storage is estimated at 160 million barrels. Prices fell even though OPEC + recently agreed to cut output by 9.7 million bpd to stabilize prices. However, due to the Covid-19 pandemic, which caused a decline in demand, oil prices continued to decline.
Asian stocks are expected to follow the move of Wall Street which weakened due to the drop in oil prices into negative territory due to weak demand amid the Covid-19 pandemic that is damaging the global economy. Global stock markets fell and bonds rose after the May oil futures contract fell 306% to the lowest level of all time. The Nikkei index fell 2.02, while the global MSCI index fell 1.15%.
Author：Fanny Arianti Arief
Profile:
Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.
WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.
It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:
Facebook:
Singapore Area：https://www.facebook.com/wikifxsingapore/
USA Area：https://www.facebook.com/WikiFX.US
Nigeria Area：https://www.facebook.com/WikiFX.ng
LinkedIn:
Nigeria Area：https://www.linkedin.com/company/31506916
Twitter：
Nigeria Area：https://twitter.com/WikiFX_NG
Wiki Forum Forum Function:
In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.
The exposure function of “WikiFX Forum” includes the following features:
1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)
As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:
2: Block low score brokers from entering the forum
3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;
4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.
WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html
Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html
Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html
Worried about missing out latest trends in the volatile market？ WikiFX ‘News Flash’ is here to help!
With 24-hour real-time update of forex market data by minute, you can seize the opportunity of every bullish market! Bookmark the link below and follow the market trends immediately!
Singapore Area：https://live.wikifx.com/sg_en/7x24.html
USA Area：https://live.wikifx.com/us_en/7x24.html
Nigeria Area：https://live.wikifx.com/ng_en/7x24.html
The dollar strengthened against other world currencies yesterday, especially commodity-based currencies, amid falling oil prices. Currencies that are sensitive to oil movements are pressuring the dollar, with the US dollar strengthening 0.36% above the loonie, while the Norwegian krona and the Mexican peso have fallen 1.3% over the greenback. The dollar also strengthened ahead of the online EU summit, which will discuss how to overcome the economic impact of the pandemic crisis next Thursday. Differences of opinion are likely to occur, especially regarding coronabonds, which are demanded by the member states of the South European Union. Analysts see that low expectations for the summit member agreement could put pressure on the euro in the short term. The dollar index gained 0.19% to 100.02.
Canadian Dollar (loonie) is one of the currencies hard hit by falling oil prices. Oil companies in Canada and the US have been shaken by falling oil prices, but this decline will trigger the bankruptcy of oil companies, potentially weakening the loonie.
Gold prices rose about 1% yesterday, after briefly dropping to one-week lows as a fall in oil prices fell to their lowest level in 21 years, hitting risk appetite sentiment and pushing the transition of funds to safe haven assets. The spot gold gained 0.5% to $ 1692.26, after dropping to the lowest level since April 9 at 1670.50. While gold futures rose 0.7% to 1711.20. Falling oil prices have hit global stock markets, lifting safe haven assets. Even so, according to a reuters poll, the price of gold is likely to consolidate below its current high level due to the strengthening dollar and weak retail consumption.
WTI oil prices fell back to their lowest level in 20 years yesterday. WTI oil futures for May delivery had dropped 36% to hit the level of US $ 11 per barrel, while the June delivery contract fell 8% to US $ 22.78 per barrel and July delivery depressed 5%. The fall in oil prices was caused by concerns that US crude oil storage will soon be full. According to a Reuters report, the volume of oil stored at the point of shipment for the US WTI contract in Oklahoma, increased because the refinery was re-operating amid weak demand. Oil in tanker storage is estimated at 160 million barrels. Prices fell even though OPEC + recently agreed to cut output by 9.7 million bpd to stabilize prices. However, due to the Covid-19 pandemic, which caused a decline in demand, oil prices continued to decline.
Asian stocks are expected to follow the move of Wall Street which weakened due to the drop in oil prices into negative territory due to weak demand amid the Covid-19 pandemic that is damaging the global economy. Global stock markets fell and bonds rose after the May oil futures contract fell 306% to the lowest level of all time. The Nikkei index fell 2.02, while the global MSCI index fell 1.15%.
Author：Fanny Arianti Arief
Profile:
Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.
WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.
It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:
Facebook:
Singapore Area：https://www.facebook.com/wikifxsingapore/
USA Area：https://www.facebook.com/WikiFX.US
Nigeria Area：https://www.facebook.com/WikiFX.ng
LinkedIn:
Nigeria Area：https://www.linkedin.com/company/31506916
Twitter：
Nigeria Area：https://twitter.com/WikiFX_NG
Wiki Forum Forum Function:
In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.
The exposure function of “WikiFX Forum” includes the following features:
1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)
As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:
2: Block low score brokers from entering the forum
3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;
4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.
WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html
Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html
Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html
Worried about missing out latest trends in the volatile market？ WikiFX ‘News Flash’ is here to help!
With 24-hour real-time update of forex market data by minute, you can seize the opportunity of every bullish market! Bookmark the link below and follow the market trends immediately!
Singapore Area：https://live.wikifx.com/sg_en/7x24.html
USA Area：https://live.wikifx.com/us_en/7x24.html
Nigeria Area：https://live.wikifx.com/ng_en/7x24.html
