US stimulus deal moved forward

26 March 2020

Senate approved a historic $2 trillion stimulus deal with the fears of the coronavirus growing. 

The vote to approve the bill was unanimous at 96-0 and it was a remarkable sign of support from the senate.

It represents the largest aid in US history and the most significant package that has been ever taken to address the rising issue of the outbreak's effect on the economy.

From his side, President Trump announced that he will sign the measure and the plan will deliver a massive financial aid to a struggling economy which is starting to get hit by job loss.

Oil climbs for a third day in a row

US lawmakers are pressuring the Saudis to end the oil war as oil prices continued to rise for the third day in a row and recovered earlier losses.

In this ongoing oil war, the Russians and the Saudis are the key players and demand destruction could reach up to 15-20 million bdp by April.

The US President mentioned that he will get involved at the "appropriate time" but as the oil prices continue to hover around the $25 mark per barrel, time is starting to run out.

Gold paused its gaining streak

On Wednesday, Gold was trading lower after a busy week. On the 20th of March, Gold was trading at $1,457 but reached $1,698 on Tuesday the 24th.

More than $190 was gained by Gold over 3 trading days and major Gold dealers have sold out of coins and gold bars amid panic buying as the US economy plunges.

Almost nobody on Wall Street noticed the surge in price for actual gold bars and coin as they mostly deal on paper. The next few weeks will be interesting for Gold, especially after the $2 trillion stimulus package announced yesterday.

Financial Events to watch for today

13:00 Central Bank reserves (USD)