Morning Express-疫情拖累全球经济增长的担忧加剧，欧元被拖累，金价上涨。

Target priceWTIXAUshort-term51.501,590midline52.001,590Focus of foreign exchange market
Trading preference – Relatively optimistic about Europe this week/Beauty（EURUSD）和澳/Beauty（AUDUSD）。从昨日公布的德国经济景气指数来看，仅录得8.7大幅低于预期，欧元也因此受到拖累。后续建议大家重点关注德国制造业PMI，不过恐怕也难有太大改善。不过，各位投资者要注意近期欧元（EURUSD)跌幅过大，警惕下半周有技术性反弹。
英国方面，虽然上周英国经济数据的整体向好支撑了英镑，但近日也因脱欧谈判代表强硬发言而走软，短暂跌破1.30。另外，今日和周五英国将公布通胀和PMI数据，恐难有太好表现，因此，我们维持英镑为震荡结构。
商品货币方面，近期受到受肺炎疫情影响，商品货币整体走势较弱。昨日，澳洲联储发布货币政策声明，重审了进一步降息的可能性。澳元也因此走弱。对此，我们在昨日晨早快讯也有提及澳/Beauty（AUDUSD）短期将承压。另外，受益于油价反弹和风险情绪回归，加元反弹，美元兑加元刷新两周低点，但接下来的重点，我们认为要重点关注加拿大1Monthly inflation data.
It is worth noting that the money market plays a crucial role in2019The year shows a stable and significant weekly momentum reversal effect,MEXThe momentum reversal quantification strategy has repeatedly hit new highs, and investors are2020You can continue to refer to our weekly suggested combination for the year.
MEXQuantitative strategy year to date relative benchmarkS&P 500 Total Return IndexAnnualized alpha（ α） by13%. The quantitative model adjusts positions weekly and places orders at the opening on Mondays and closes positions on Fridays. Each currency is paired with a standard hand, and it is recommended to set a stop loss at0.3%. Without considering actual leverage,MEXThe quantitative strategy has significantly outperformed the target since the beginning of the year. For details, please refer to the "Quantitative Topic: Construction Based on Momentum Reversal Strategy"G7Currency hedging portfolio
》。组合净值上周下跌1.14%This week's combination and as of Beijing time2month19day7:09The profit and loss are as follows, with a positive spread (storage fee).
commodity market
Trading preference This week we will maintaingold（XAU）Andcrude oil（WTI）为震荡偏多结构。昨日因市场对疫情拖累全球经济增长的担忧加剧，现货黄金晚间持续上涨；另外全球利率基本还处于较低水平金价仍有支撑。预计金价仍将在1550-1600美元之间波动。油价方面，因有迹象表明疫情的最坏经济影响已经被消化，减轻了人们对原油需求自由落体的担忧；另外，OPEC+深化减产是给油价带来了一定支撑。所以，我们依然维持原油（WTI）是一个短期反弹，中期偏弱的结构。
stock market indexprospect
恒生指数方面，由于市场对疫情拖累全球经济增长的担忧加剧，周二恒指低开低收，成分股普跌，仅一只收涨。收盘，恒指跌1.54%Report27530.20Points.
盘面上，半导体板块、苹果概念板块跌幅居前，阿里概念板块小幅走高。如果从估值上来看，内房和家用电器板块可持续关注。技术形态上，28000,短期还将面临压力。
abstract
CFTC资金流数据显示，澳元、欧元净空头处极值，并且澳元的净空头已经开始收敛。因此，我们认为将有资金流入，并支持回涨。
WTI，澳/美可继续持有。
Target price in Europe/to one's heart's content/Japanese pounds/to one's heart's content/Canada Australia/Meiniu/American Short Term1.0800109.501.30001.32500.67000.6400midline1.0850109.501.30001.32500.67500.6450
Target priceWTIXAUshort-term51.501,590midline52.001,590
Economic Calendar
Focus of foreign exchange market
Trading preference – Relatively optimistic about Europe this week/Beauty（EURUSD）和澳/Beauty（AUDUSD）。从昨日公布的德国经济景气指数来看，仅录得8.7大幅低于预期，欧元也因此受到拖累。后续建议大家重点关注德国制造业PMI，不过恐怕也难有太大改善。不过，各位投资者要注意近期欧元（EURUSD)跌幅过大，警惕下半周有技术性反弹。
英国方面，虽然上周英国经济数据的整体向好支撑了英镑，但近日也因脱欧谈判代表强硬发言而走软，短暂跌破1.30。另外，今日和周五英国将公布通胀和PMI数据，恐难有太好表现，因此，我们维持英镑为震荡结构。
商品货币方面，近期受到受肺炎疫情影响，商品货币整体走势较弱。昨日，澳洲联储发布货币政策声明，重审了进一步降息的可能性。澳元也因此走弱。对此，我们在昨日晨早快讯也有提及澳/Beauty（AUDUSD）短期将承压。另外，受益于油价反弹和风险情绪回归，加元反弹，美元兑加元刷新两周低点，但接下来的重点，我们认为要重点关注加拿大1Monthly inflation data.
It is worth noting that the money market plays a crucial role in2019The year shows a stable and significant weekly momentum reversal effect,MEXThe momentum reversal quantification strategy has repeatedly hit new highs, and investors are2020You can continue to refer to our weekly suggested combination for the year.
MEXQuantitative strategy year to date relative benchmarkS&P 500 Total Return IndexAnnualized alpha（ α） by13%. The quantitative model adjusts positions weekly and places orders at the opening on Mondays and closes positions on Fridays. Each currency is paired with a standard hand, and it is recommended to set a stop loss at0.3%. Without considering actual leverage,MEXThe quantitative strategy has significantly outperformed the target since the beginning of the year. For details, please refer to the "Quantitative Topic: Construction Based on Momentum Reversal Strategy"G7Currency hedging portfolio
》。组合净值上周下跌1.14%This week's combination and as of Beijing time2month19day7:09The profit and loss are as follows, with a positive spread (storage fee).
commodity market
Trading preference –本周我们维持黄金（XAU）和原油（WTI）为震荡偏多结构。昨日因市场对疫情拖累全球经济增长的担忧加剧，现货黄金晚间持续上涨；另外全球利率基本还处于较低水平金价仍有支撑。预计金价仍将在1550-1600美元之间波动。油价方面，因有迹象表明疫情的最坏经济影响已经被消化，减轻了人们对原油需求自由落体的担忧；另外，OPEC+深化减产是给油价带来了一定支撑。所以，我们依然维持原油（WTI）是一个短期反弹，中期偏弱的结构。
股指前瞻
恒生指数方面，由于市场对疫情拖累全球经济增长的担忧加剧，周二恒指低开低收，成分股普跌，仅一只收涨。收盘，恒指跌1.54%Report27530.20Points.
盘面上，半导体板块、苹果概念板块跌幅居前，阿里概念板块小幅走高。如果从估值上来看，内房和家用电器板块可持续关注。技术形态上，28000,短期还将面临压力。
abstract
CFTC资金流数据显示，澳元、欧元净空头处极值，并且澳元的净空头已经开始收敛。因此，我们认为将有资金流入，并支持回涨。
WTI，澳/美可继续持有。
Target price in Europe/to one's heart's content/Japanese pounds/to one's heart's content/Canada Australia/Meiniu/American Short Term1.0800109.501.30001.32500.67000.6400midline1.0850109.501.30001.32500.67500.6450