Sive Morten
Special Consultant to the FPA
- Messages
- 18,639
Fundamentals
So, guys, another tough week passed. Among brightest events we could name collapse on stock market, early action by BoE. In general fundamental background right now is common to any currency, and probably to any market as well. In technical part we take a look at GBP, because market stands at vital point that is changing long-term perspective on the market.
But this week brings something else. Now we could recognize first signs of big global affair that was trying to hide under disguise of virus epidemic. We mentioned previously that epidemic just a disguise. This sounds cynic, especially because people are ill and dying. Epidemic is absolutely real and awful event in our modern history, but this makes it even more terrible if it is really were launched to hide big economical changes. You'll see it later, in our report.
We warned in our recent report that BoE will cut the rate. Indeed the British pound erased early gains after an unexpected interest rate cut by the Bank of England on Wednesday, while the dollar resumed its descent against the safe-haven Japanese yen and Swiss franc on fears over the spreading coronavirus.
“Markets had priced in more than 25 basis points, but not the full extent of 50 basis points,” said Moh Siong Sim, currency strategist at the Bank of Singapore. “But it’s not a surprise in the sense that the market was kind of expecting the bank to team up with the U.K. government...it looks like that 50 basis point rate cut could signal that we could expect something quite substantial from the budget itself.”
The BoE’s move comes as a number of central banks and governments around the world stepped up efforts to shore up their economies from the economic impact of the coronavirus epidemic.
The recovery in safe-haven currencies mirrored falls in U.S. equity futures and U.S. bond yields in Asian trade on Wednesday, as the spread of the virus in major economies threatens to brake business activity and curb consumer spending.
The dollar jumped on Tuesday as investors hoped global monetary policymakers would launch further stimulus plans to reduce the drag on economies from trade and travel disruptions. But a lack of clarity on what Washington will do has kept many investors on guard. U.S. President Donald Trump said on Tuesday he will ask Congress for a payroll tax cut and other “very major” stimulus moves, but the details remain unclear.
“It is too early to say the market sentiment has turned positive. Yesterday’s rebound in the dollar and in risk assets is a type of a rebound you often see in a downtrend,” said Shinji Ishimaru, senior currency analyst at MUFG Bank. “In addition to economic measures, the focus will be on how much the U.S. can contain the infections to keep the economy going. That is a very big unknown,” he said.
he U.S. Centers for Disease Control and Prevention (CDC) reported on Tuesday 696 new cases of coronavirus, an increase of 224 from its previous count, and said the number of deaths had risen by six to 25.
Investors are also expecting the U.S. Federal Reserve to cut interest rates by at least 0.5 percentage point at its policy review next week, in addition to its emergency rate reduction earlier this month.It is not clear if such a move could boost investors’ risk tolerance after global equities tumbled following the Fed’s surprise rate cut just over a week ago, market players said. But that will surely diminish the dollar’s yield advantage over other major currencies, which has been a main driver of the dollar’s strength in the past few years.
The euro weakened on Thursday, as investors were unimpressed by the European Central Bank's stimulus measures to fight the economic fallout from the coronavirus outbreak. Investors instead flocked to safe-haven currencies such as the U.S. dollar and Japanese yen.
The ECB approved fresh stimulus measures on Thursday to help the euro zone economy cope with the growing cost of the coronavirus epidemic, but kept interest rates unchanged "The ECB has been grasping for straws," said Erik Bregar, head of FX strategy, at Exchange Bank of Canada, in Toronto. "Arguably they still don't know what to do. But they very much felt the pressure to at least do something because every other central bank is lowering interest rates or doing multi-policy fronts that
will help banks and businesses."
The fact that the ECB did not cut interest rates was a "minor surprise" for the market given that the money market curve had priced in a 10 basis-point easing. In mid-morning trading, the euro fell more than 1% to $1.1172 The dollar rebounded sharply after the ECB announcement, and was last up 1% against a basket of
currencies at 97.513
Analysts said the dollar had rallied as swap spreads on major currencies blew out and investors scrambled for the U.S. currency. "It's all about dollar liquidity, the cross-curency basis swap has blown out. I would assume it's banks/corporates driven. We are moving to the next phase of the selloff," said Kenneth Broux, a strategist at Societe Generale.
The dollar had earlier struggled after U.S. President Donald Trump banned travel from Europe to stem the coronavirus. With the latest ban posing a fresh disruption to the global economy, traders were also disappointed by the lack of broad measures in Trump's plan to fight the pathogen, prompting traders to bet on further aggressive easing by the Federal Reserve.
Money markets are now expecting another 100 bps of easing from the Fed by next week taking the benchmark policy interest rates to zero after a hefty half point rate cut last week.
Risk aversion was the dominant theme in currency markets on Thursday as Asian, European, and U.S. stock markets were a sea of red, forcing traders to stampede out of currencies heavily geared to the global economy such as the Norwegian crown and the Australian dollar.
President Donald Trump declared a U.S. national emergency over the quickly spreading coronavirus on Friday, opening the door to more government aid to combat a pathogen that has infected more than 138,000 people worldwide and left over 5,000 dead.
“To unleash the full power of the federal government to this effort today, I am officially declaring a national emergency - two very big words,” Trump said in remarks at the White House Rose Garden, adding that the U.S. situation could worsen and “the next eight weeks are critical.”
Trump, whose action makes available $50 billion in federal aid to states and localities, had faced criticism from some experts for being slow and ineffective in his response to the crisis and playing down the threat.
The European Union proposed a 37 billion euro ($41 billion)investment initiative as part of a package to cushion the bloc’s economies from the coronavirus impact.
CFTC Data
Speculators’ net long U.S. dollar positioning in the latest week fell to its lowest level since July 2017, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $2.22 billion in the week ended March 10, down sharply from $17.28 billion the previous week.
We do not have big changes in GBP net position - it still stands long around 25K contracts, but situation could change soon. This week we have big change of EUR position - net short position strongly decreased and now it stands around zero point. Massive drop of short positions was accompanied by rising of open interest. This reminds unwind of carry positions that we've mentioned last week. Open interest increased for 19K contracts:
Fathom this week shows two reports on virus subject. One of them is worthy of our special attention as it has relation to the global process that we suspect.
Global response to COVID-19 starts to take shape
Last week’s post discussed the Federal Reserve’s response to the COVID-19 outbreak and considered its possible path forward. Since then, we have seen a monetary response elsewhere. Fellow G7 central banks in Canada and the UK followed the US lead and cut by 50 basis points. The Bank of England also announced cheap funding to encourage bank lending, as well as a reduction in the cyclical component of banks’ capital requirement ratio. As mentioned last week, there remains some uncertainty about the correct way for monetary authorities to respond to the fallout from COVID-19 given that it is likely to negatively affect both demand and supply. However, for the moment, policymakers appear to believe that the former will dominate.
The new UK chancellor, Rishi Sunak, delivered the government’s Budget this week, perhaps shedding light on possible fiscal responses to come in other affected economies. Mr Sunak announced a £12 billion spending plan to respond to what the World Health Organization now deems to be a global pandemic. The funds will provide support to affected businesses and ensure that all employees forced into self-isolation will receive sick pay over that period. The chancellor announced additional spending measures worth £18 billion in order to boost economic activity against a backdrop of record low interest rates. The combined monetary and fiscal response together will loosen the UK’s policy stance significantly, perhaps boosting economic growth by 1% this year. It would not be a surprise to see other affected countries follow suit.
At the time of writing, the US had earmarked $8 billion to respond the crisis (now it is 50Bln announced as we've mentioned above). The UK’s £12 billion in direct COVID-19-related funding would be equivalent to almost $120 billion once you factor in the relative size of each economy. Ireland, meanwhile, has announced a €3 billion package to respond to COVID-19. Adjusted for the size of its economy, that package would be equivalent to almost $200 billion in the US. That is just for direct measures related to COVID-19 — a broader counter-cyclical fiscal stimulus could be bigger still. The Dow Jones Industrial Average entered bear market territory this week, dropping 20% from recent highs in volatile trading subject to extreme uncertainty. Any sustained rebound may depend on a forceful response coordination across government. It is unclear exactly how much the US economy will need. But international experience so far suggests that it will be significantly more than the $8 billion that has been penciled in so far.
So guys - is it only to me seems that we stand at the edge of big robbery of the century? Or better to say we're already in there. We already talk on virus and its real hazard to the world previously. With all respect and seriousness to situation the scale of pandemic rises a lot of questions to disproportional impact on global economy.
Here is China statistics on workers and people transfers in underground. China starts to close special hospitals as virus peak is passed.
At the same time, what do we see - two side attack on real assets value. Stock market drops 50% and central banks starts injection of liquidity under the cover of virus fighting:
With markets buckling under the toxic combo of COVID-19 and an oil price war, central banks are centre stage — from the Fed Reserve to the Bank of Japan, they are all pump-priming, boosting liquidity and cutting interest rates.
In emerging markets, currency losses have forced central banks such as Chile, Brazil and Indonesia to intervene with dollar sales. In coming days we hear from central banks in South Africa, Turkey and Indonesia, countries whose domestic situations are only being exacerbated by the glum backdrop.
Russia, so far considered one of the better placed emerging economies due to its solid central banking credentials, has suddenly found itself grappling with a $30-per-barrel fall in oil prices. It’s central bank meets on Friday.
Guys, I do not want to look paranoiac, but we see two major trends. First trend on making cheaper all real assets - stocks, commodities in particular. Second - devaluing of currencies globally. The compound effect is outstanding - real assets becomes cheaper simultaneously with cheaper currencies. This is hidden hyperinflation, because it is impossible to identify it, when it happens globally. You just can't compare one currency to another, because this is coordinated process. We see just fist steps of cash printing, this is just a beginning. The more to come. And all this stuff is to close the national debt, that couldn't be paid out in no way, if we wouldn't get global force-major situation. Buy real assets, guys - all property that relates to commodities of any kind - oil, gas, metals, stocks of commodity companies etc., ignore financials. This is the reason why all central banks were buying gold and prepared to this situation. It is a big probability that money will cost nothing soon. As we call it - this is the robbery of the century, or even millennium. You'll see how fast the repairing will be. While common people still shocked by virus and too busy with own deeds - big capitals will buy out all real assets in a blink of an eye at junk price. Because real value of money after epidemic will fall in few times. Now it sounds impossible, but ultimately, I will not be surprised, if there will be temporal refuse of national currencies, return to gold standard or, say, issues of SDR - kind global money, until stabilization is over. I'm also interested in what do you think about this stuff. Currently I just can't treat virus as a separate problem without relation to big fundamental shifts in global economy and politics. By my opinion - they relate to each other. And the most awful thing is that the virus is tragedy for common people, thousands of families across the Globe, but lucrative business for the "special minority". This is the primary tragedy of modern world: the life - most priceless thing, costs nothing.
Technicals
Monthly
Now guys, let's take a look at technical analysis, as we've agreed - of GBP. Although it is difficult to apply technical tools now. They have limited applicability. But we hope that at least long-term charts reflect overall situation correctly. On a background of BoE rate cut - GBP has dropped and long-term picture is changing as well.
In current situation it makes sense to recall long-term bearish targets here. Major OP stands around 0.95, below the parity. But on the way down butterfly pattern could be formed and it has two extensions. First one is 1.1335, second - 1.05. Monthly oversold area stands relatively close, thus, it is logical to focus first on nearest target.
Weekly
On weekly chart we have to recall the pattern that we were watching - reverse H&S pattern. Now we have obvious signs of failure. As we know, when H&S fails price drops below the head. Using extensions tool we have next target at XOP right around the head's lows - 1.19 area. As GBP is strongly oversold on weekly chart, downside action should not be straight forward, but we do not bet on this, as in current situation everything is possible.
Still, technical picture shows downside direction, but suggests that we should watch for pullback to consider possible short entry.
Daily
Here market hits XOP, but it seems that it has stopped mostly due weekly and daily oversold rather than by XOP target. No significant Fib levels below the market. In current situation upside pullback hardly will be significant, so it makes sense to focus on nearest 1.2615 level, but even nearest level is 400 pips distance. Thus, probably we could watch for different scenarios on intraday charts as well:
Intraday
Here we have strong bearish momentum and two levels to consider. 1.2615 here is also K-resistance, at it is accompanied to 1.27 5/8 level as well. But we also are interested with 1.2482-1.2530 as market could show just minor upside pullback.
Conclusion:
Big politics and economical affairs involved in Global turmoil guys. Big events stand under way, but unfortunately they are not in medicine sphere. We dare to suggest that under the cover of epidemic the global forces change the shape of financial system. The history will show whether we're right or wrong.
Meantime, GBP shows bearish tendency and we will try to join.
So, guys, another tough week passed. Among brightest events we could name collapse on stock market, early action by BoE. In general fundamental background right now is common to any currency, and probably to any market as well. In technical part we take a look at GBP, because market stands at vital point that is changing long-term perspective on the market.
But this week brings something else. Now we could recognize first signs of big global affair that was trying to hide under disguise of virus epidemic. We mentioned previously that epidemic just a disguise. This sounds cynic, especially because people are ill and dying. Epidemic is absolutely real and awful event in our modern history, but this makes it even more terrible if it is really were launched to hide big economical changes. You'll see it later, in our report.
We warned in our recent report that BoE will cut the rate. Indeed the British pound erased early gains after an unexpected interest rate cut by the Bank of England on Wednesday, while the dollar resumed its descent against the safe-haven Japanese yen and Swiss franc on fears over the spreading coronavirus.
“Markets had priced in more than 25 basis points, but not the full extent of 50 basis points,” said Moh Siong Sim, currency strategist at the Bank of Singapore. “But it’s not a surprise in the sense that the market was kind of expecting the bank to team up with the U.K. government...it looks like that 50 basis point rate cut could signal that we could expect something quite substantial from the budget itself.”
The BoE’s move comes as a number of central banks and governments around the world stepped up efforts to shore up their economies from the economic impact of the coronavirus epidemic.
The recovery in safe-haven currencies mirrored falls in U.S. equity futures and U.S. bond yields in Asian trade on Wednesday, as the spread of the virus in major economies threatens to brake business activity and curb consumer spending.
The dollar jumped on Tuesday as investors hoped global monetary policymakers would launch further stimulus plans to reduce the drag on economies from trade and travel disruptions. But a lack of clarity on what Washington will do has kept many investors on guard. U.S. President Donald Trump said on Tuesday he will ask Congress for a payroll tax cut and other “very major” stimulus moves, but the details remain unclear.
“It is too early to say the market sentiment has turned positive. Yesterday’s rebound in the dollar and in risk assets is a type of a rebound you often see in a downtrend,” said Shinji Ishimaru, senior currency analyst at MUFG Bank. “In addition to economic measures, the focus will be on how much the U.S. can contain the infections to keep the economy going. That is a very big unknown,” he said.
he U.S. Centers for Disease Control and Prevention (CDC) reported on Tuesday 696 new cases of coronavirus, an increase of 224 from its previous count, and said the number of deaths had risen by six to 25.
Investors are also expecting the U.S. Federal Reserve to cut interest rates by at least 0.5 percentage point at its policy review next week, in addition to its emergency rate reduction earlier this month.It is not clear if such a move could boost investors’ risk tolerance after global equities tumbled following the Fed’s surprise rate cut just over a week ago, market players said. But that will surely diminish the dollar’s yield advantage over other major currencies, which has been a main driver of the dollar’s strength in the past few years.
The euro weakened on Thursday, as investors were unimpressed by the European Central Bank's stimulus measures to fight the economic fallout from the coronavirus outbreak. Investors instead flocked to safe-haven currencies such as the U.S. dollar and Japanese yen.
The ECB approved fresh stimulus measures on Thursday to help the euro zone economy cope with the growing cost of the coronavirus epidemic, but kept interest rates unchanged "The ECB has been grasping for straws," said Erik Bregar, head of FX strategy, at Exchange Bank of Canada, in Toronto. "Arguably they still don't know what to do. But they very much felt the pressure to at least do something because every other central bank is lowering interest rates or doing multi-policy fronts that
will help banks and businesses."
The fact that the ECB did not cut interest rates was a "minor surprise" for the market given that the money market curve had priced in a 10 basis-point easing. In mid-morning trading, the euro fell more than 1% to $1.1172 The dollar rebounded sharply after the ECB announcement, and was last up 1% against a basket of
currencies at 97.513
Analysts said the dollar had rallied as swap spreads on major currencies blew out and investors scrambled for the U.S. currency. "It's all about dollar liquidity, the cross-curency basis swap has blown out. I would assume it's banks/corporates driven. We are moving to the next phase of the selloff," said Kenneth Broux, a strategist at Societe Generale.
The dollar had earlier struggled after U.S. President Donald Trump banned travel from Europe to stem the coronavirus. With the latest ban posing a fresh disruption to the global economy, traders were also disappointed by the lack of broad measures in Trump's plan to fight the pathogen, prompting traders to bet on further aggressive easing by the Federal Reserve.
Money markets are now expecting another 100 bps of easing from the Fed by next week taking the benchmark policy interest rates to zero after a hefty half point rate cut last week.
Risk aversion was the dominant theme in currency markets on Thursday as Asian, European, and U.S. stock markets were a sea of red, forcing traders to stampede out of currencies heavily geared to the global economy such as the Norwegian crown and the Australian dollar.
President Donald Trump declared a U.S. national emergency over the quickly spreading coronavirus on Friday, opening the door to more government aid to combat a pathogen that has infected more than 138,000 people worldwide and left over 5,000 dead.
“To unleash the full power of the federal government to this effort today, I am officially declaring a national emergency - two very big words,” Trump said in remarks at the White House Rose Garden, adding that the U.S. situation could worsen and “the next eight weeks are critical.”
Trump, whose action makes available $50 billion in federal aid to states and localities, had faced criticism from some experts for being slow and ineffective in his response to the crisis and playing down the threat.
The European Union proposed a 37 billion euro ($41 billion)investment initiative as part of a package to cushion the bloc’s economies from the coronavirus impact.
CFTC Data
Speculators’ net long U.S. dollar positioning in the latest week fell to its lowest level since July 2017, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $2.22 billion in the week ended March 10, down sharply from $17.28 billion the previous week.
We do not have big changes in GBP net position - it still stands long around 25K contracts, but situation could change soon. This week we have big change of EUR position - net short position strongly decreased and now it stands around zero point. Massive drop of short positions was accompanied by rising of open interest. This reminds unwind of carry positions that we've mentioned last week. Open interest increased for 19K contracts:
Fathom this week shows two reports on virus subject. One of them is worthy of our special attention as it has relation to the global process that we suspect.
Global response to COVID-19 starts to take shape
Last week’s post discussed the Federal Reserve’s response to the COVID-19 outbreak and considered its possible path forward. Since then, we have seen a monetary response elsewhere. Fellow G7 central banks in Canada and the UK followed the US lead and cut by 50 basis points. The Bank of England also announced cheap funding to encourage bank lending, as well as a reduction in the cyclical component of banks’ capital requirement ratio. As mentioned last week, there remains some uncertainty about the correct way for monetary authorities to respond to the fallout from COVID-19 given that it is likely to negatively affect both demand and supply. However, for the moment, policymakers appear to believe that the former will dominate.
The new UK chancellor, Rishi Sunak, delivered the government’s Budget this week, perhaps shedding light on possible fiscal responses to come in other affected economies. Mr Sunak announced a £12 billion spending plan to respond to what the World Health Organization now deems to be a global pandemic. The funds will provide support to affected businesses and ensure that all employees forced into self-isolation will receive sick pay over that period. The chancellor announced additional spending measures worth £18 billion in order to boost economic activity against a backdrop of record low interest rates. The combined monetary and fiscal response together will loosen the UK’s policy stance significantly, perhaps boosting economic growth by 1% this year. It would not be a surprise to see other affected countries follow suit.
At the time of writing, the US had earmarked $8 billion to respond the crisis (now it is 50Bln announced as we've mentioned above). The UK’s £12 billion in direct COVID-19-related funding would be equivalent to almost $120 billion once you factor in the relative size of each economy. Ireland, meanwhile, has announced a €3 billion package to respond to COVID-19. Adjusted for the size of its economy, that package would be equivalent to almost $200 billion in the US. That is just for direct measures related to COVID-19 — a broader counter-cyclical fiscal stimulus could be bigger still. The Dow Jones Industrial Average entered bear market territory this week, dropping 20% from recent highs in volatile trading subject to extreme uncertainty. Any sustained rebound may depend on a forceful response coordination across government. It is unclear exactly how much the US economy will need. But international experience so far suggests that it will be significantly more than the $8 billion that has been penciled in so far.
So guys - is it only to me seems that we stand at the edge of big robbery of the century? Or better to say we're already in there. We already talk on virus and its real hazard to the world previously. With all respect and seriousness to situation the scale of pandemic rises a lot of questions to disproportional impact on global economy.
Here is China statistics on workers and people transfers in underground. China starts to close special hospitals as virus peak is passed.
At the same time, what do we see - two side attack on real assets value. Stock market drops 50% and central banks starts injection of liquidity under the cover of virus fighting:
With markets buckling under the toxic combo of COVID-19 and an oil price war, central banks are centre stage — from the Fed Reserve to the Bank of Japan, they are all pump-priming, boosting liquidity and cutting interest rates.
In emerging markets, currency losses have forced central banks such as Chile, Brazil and Indonesia to intervene with dollar sales. In coming days we hear from central banks in South Africa, Turkey and Indonesia, countries whose domestic situations are only being exacerbated by the glum backdrop.
Russia, so far considered one of the better placed emerging economies due to its solid central banking credentials, has suddenly found itself grappling with a $30-per-barrel fall in oil prices. It’s central bank meets on Friday.
Guys, I do not want to look paranoiac, but we see two major trends. First trend on making cheaper all real assets - stocks, commodities in particular. Second - devaluing of currencies globally. The compound effect is outstanding - real assets becomes cheaper simultaneously with cheaper currencies. This is hidden hyperinflation, because it is impossible to identify it, when it happens globally. You just can't compare one currency to another, because this is coordinated process. We see just fist steps of cash printing, this is just a beginning. The more to come. And all this stuff is to close the national debt, that couldn't be paid out in no way, if we wouldn't get global force-major situation. Buy real assets, guys - all property that relates to commodities of any kind - oil, gas, metals, stocks of commodity companies etc., ignore financials. This is the reason why all central banks were buying gold and prepared to this situation. It is a big probability that money will cost nothing soon. As we call it - this is the robbery of the century, or even millennium. You'll see how fast the repairing will be. While common people still shocked by virus and too busy with own deeds - big capitals will buy out all real assets in a blink of an eye at junk price. Because real value of money after epidemic will fall in few times. Now it sounds impossible, but ultimately, I will not be surprised, if there will be temporal refuse of national currencies, return to gold standard or, say, issues of SDR - kind global money, until stabilization is over. I'm also interested in what do you think about this stuff. Currently I just can't treat virus as a separate problem without relation to big fundamental shifts in global economy and politics. By my opinion - they relate to each other. And the most awful thing is that the virus is tragedy for common people, thousands of families across the Globe, but lucrative business for the "special minority". This is the primary tragedy of modern world: the life - most priceless thing, costs nothing.
Technicals
Monthly
Now guys, let's take a look at technical analysis, as we've agreed - of GBP. Although it is difficult to apply technical tools now. They have limited applicability. But we hope that at least long-term charts reflect overall situation correctly. On a background of BoE rate cut - GBP has dropped and long-term picture is changing as well.
In current situation it makes sense to recall long-term bearish targets here. Major OP stands around 0.95, below the parity. But on the way down butterfly pattern could be formed and it has two extensions. First one is 1.1335, second - 1.05. Monthly oversold area stands relatively close, thus, it is logical to focus first on nearest target.
Weekly
On weekly chart we have to recall the pattern that we were watching - reverse H&S pattern. Now we have obvious signs of failure. As we know, when H&S fails price drops below the head. Using extensions tool we have next target at XOP right around the head's lows - 1.19 area. As GBP is strongly oversold on weekly chart, downside action should not be straight forward, but we do not bet on this, as in current situation everything is possible.
Still, technical picture shows downside direction, but suggests that we should watch for pullback to consider possible short entry.
Daily
Here market hits XOP, but it seems that it has stopped mostly due weekly and daily oversold rather than by XOP target. No significant Fib levels below the market. In current situation upside pullback hardly will be significant, so it makes sense to focus on nearest 1.2615 level, but even nearest level is 400 pips distance. Thus, probably we could watch for different scenarios on intraday charts as well:
Intraday
Here we have strong bearish momentum and two levels to consider. 1.2615 here is also K-resistance, at it is accompanied to 1.27 5/8 level as well. But we also are interested with 1.2482-1.2530 as market could show just minor upside pullback.
Conclusion:
Big politics and economical affairs involved in Global turmoil guys. Big events stand under way, but unfortunately they are not in medicine sphere. We dare to suggest that under the cover of epidemic the global forces change the shape of financial system. The history will show whether we're right or wrong.
Meantime, GBP shows bearish tendency and we will try to join.