Global markets have so far failed to find at least some respite and be in a downward corkscrew.
- Dollar updates historic highs.
- The British pound fell to its lowest level against the dollar in 35 years.
- Oil broke through $ 25 per barrel in value (Iraq called on OPEC to convene an extraordinary OPEC + meeting to stabilize the market)
- Bank of Australia lowered its key rate and moves to manual control of profitability [state bonds]
We believe that the reversal is close, because liquidity crisis is over. This is indicated by the dynamics of the value of gold, which is consolidating in the new range. Investors have ceased to get rid of defensive assets, as the Fed and other Central Banks of the world coordinate efforts to ensure dollar liquidity around the world using tools such as swap lines. We expect these fears to dissipate and then we can expect a recovery that could be as strong as the fall in recent days.
