It’s a busy data week for the US. In addition to the non-farm payrolls report on Friday, the release of the latest ISM manufacturing and non-manufacturing PMIs is expected on Wednesday and Friday respectively.

Gold’s reputation as the ultimate safe haven asset has taken a beating lately, as the collapse in stock markets has forced investors to ‘sell everything’ in order to meet margin calls. Yet, that might be about to change.

Global equity edged higher on Monday despite a drop in oil prices to their lowest levels since 2002, as central banks and the United States tried to contain the damage from the rapidly spreading coronavirus that has upended the global economy.

We started this week with a surprising decision by the US Federal Reserve where it announced unprecedented massive economic stimulus programs, along with small and medium-sized companies protection plans to ensure they do not collapse from the Coronavirus outbreak. The US Federal Reserve announced an unlimited asset and bond purchase program to try to reduce the virus impact on the US economy.