The plunge on the stock markets also continued for another day leaving investors with a decline of about 15% on average so far for the week which Citibank saying that the S&P500 had seen the fastest correction on a record losing 4.4% on Thursday. The further downside in risk is likely going to be seen as coronavirus pandemic fears continue to intensify, especially in Europe. The demand in safe-haven currencies like the Yen and Swissy remains strong whereas Gold held steady as coronavirus fears lifted expectations of rate cuts by major central banks.
We will manage our Short positions currently whereas we hold trades in the S&P, Dow and DAX as well as Shorts in Facebook and Tesla. The markets could gain some momentum before the weekend due to profit-taking and we like to take 1/3 off those should the markets show some signs of recovery.
In general, the volatility is back and FX pairs also showing a push in moves right now. This is likely going to stay as investors fear the virus and a further move lower in the worldwide economy right now driving them from one side to the other
