Forex Today: Fears ease, dollar keeps running
|Here is what you need to know on Thursday, February 20th:
- Chinese authorities reported that the pace of contagion outside the Hubei province has slowed, leading to a better market mood. The dollar and gold, both considered safe-haven, retained their strength. China keeps taking measures to support the economy throughout the outbreak.
- The EUR/USD pair settled below 1.0800 after reaching 1.0781, a new 2020 low. EU data missed the market’s expectations while US figures were upbeat, again highlighting the economic imbalances.
- UK inflation was better than expected but was not enough to keep the Pound afloat. GBP/USD neared 1.2900 on dollar’s strength.
- In the Brexit front, the 27 EU member states were unable to agree on the definition of a level playing field, the degree of UK alignment that Brussels will require from London for easy market access.
- AUD/USD flirts with multi-year lows ahead of the release of Australian monthly employment data.
- Global equities closed in the green, with the S&P and the Nasdaq reaching record highs.
- Gold flirted with yearly highs, with spot hitting $1,610.90 a troy ounce. The bright metal holds nearby heading into the Asian session.
- Crude oil prices hit their highest in three months. The US has announced its decision to impose new sanctions on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft, spurring concerns about a shrinking offer.
- Cryptocurrencies hold on to Tuesday’s gains, BTC/USD consolidating around 10,100.
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.