MEXGROUP 20200309Morning Express

Market Focus

·     Trading preference – OPEC+The breakdown of the negotiations, coupled with the continued outbreak of COVID-19 in Europe and the United States, led to a sharp drop of more than 20% in oil prices at the opening,Meanwhile, risk aversion sentiment is also reflected in the stock and bond markets, with stock markets across Asia this morningfuturesA general sharp decline4%The 10-year interest rate in the United States has also continued to decline to0.5Horizontal. Funds flowed into safe haven currencies, causing the Japanese yen and Swiss franc to rise, while the Canadian dollar was sold off due to a sharp drop in oil prices.The trading preference for this morning's Asian session is to buy the US at a low price/day (USDJPY) And beauty/Rui (USDCHF) At the same time, selling at a high level in the United States/plus (USDCAD)。

·     Although last week's non-agricultural data exceeded market expectations as our views did, the data did not reflect the impact of COVID-19 on the United States. Recently, the market will still be dominated by risk aversion. This Thursday, the European Central Bank(ECB)We will discuss the rest,We believe that there will be a lower chance of following the Federal Reserve's significant interest rate cut, which is beneficial for Europe/beautiful (EURUSD)带来先升后跌的走势并在高位卖出的预期。

·      In terms of commodity currency, the Canadian dollar is clearly under pressure, while China's weekend export drop also dragged down the Australian and New Zealand dollars,We believe that the Asian period is still not the right time to buy the Australian and New Zealand dollars.


·      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 quantization strategy has repeatedly set new highs as a resultInvestors2020You can continue to refer to our weekly suggested combination for the year.
·      MEXQuantitative strategy2019Year to date relative benchmarkS&P500 Total Return IndexAnnualized alpha（α）For13%.The quantitative model adjusts positions weekly and places orders at the opening on Mondays and closes positions on Fridays, with each currency facing a standard hand,Suggest setting stop loss at0.3％. Without considering leverage,MEXQuantitative strategy still outperforms the target significantly，详情组合建构方法及回测请参考。The net asset value of the portfolio rebounded from a historical high last week1.10%，This week's combination and as of Beijing time3month9day08:50The profit and loss are as follows, with a positive spread (storage fee).
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·      CFTCCapital flow data supports beauty/Rui rebounded.

·     beautiful/Japan and Australia/The US average has reached the target price, and investors can first cash in some profits.
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