Forex Today: Coronavirus uncertainty keeps leading the way
|Here is what you need to know on Thursday, February 27th:
- Fears eased by uncertainty and caution prevailed. Major pairs remain mostly confined to familiar levels, as speculative interest is still trying to asset the effects of coronavirus on economic growth.
- The macroeconomic calendar was utterly light, exacerbating the relevance of sentiment on trading.
- EUR/USD edged modestly higher, trading just ahead of the 38.2% retracement of its latest slump at 1.0900.
- GBP/USD was unable to hold on to gains above 1.3000 amid mounting tensions between the UK and the EU over the future trade relationship between the two economies.
- The USD/JPY pair recovered some ground, but the advance was capped by a major Fibonacci resistance level. The movement seems corrective.
- The Aussie is the weakest, weighed by poor local data, the poor performance of equities and doubts about Chinese economic progress.
- The price of the oil barrel was down for a fourth consecutive day, with the commodity trading at its lowest in over a year. US stockpiles increased by less than anticipated, according to the weekly EIA report, yet doubts about OPEC+ future cuts weighed more.
- Gold prices continue to consolidate, with spot little changed in the day at around $1,650.00 a troy ounce.
- Crypto Today: Bitcoin bears force devastating break of $9000
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.