US indices had a poor start to the week as the virus that originated in Wuhan spreads globally and the number of deaths increase. Safe haven assets see heavy demand, while oil prices drop. Onshore markets in China remain closed for the week.
US30USD Daily Chart
Source: OANDA fxTrade
-
The US30 index posted the biggest one-day decline since October as fears surrounding the economic impact of the Wuhan virus heighten
-
The 55-day moving average, which has supported prices since October 10, is at 27,374
-
US durable goods orders probably rose 0.5% in December, according to the latest survey of economists. That follows November’s dismal 2.1% decline.
DE30EUR Daily Chart
Source: OANDA fxTrade
-
The Germany30 fell the most since October 2 as stocks were shunned in favour of safe haven assets amid escalating concerns about the spread of the coronavirus
-
The index closed below the 55-day moving average for the first time since October 8, touching the lowest since January 8 in the process
-
There are no major data releases from either Germany or the Euro-zone today. The only item on the calendar is a speech from ECB’s Lane.
WTICOUSD Daily Chart
Source: OANDA fxTrade
-
West Texas Intermediate (WTI) fell for a sixth straight day yesterday amid rising concerns that the spreading coronavirus would hurt global growth and hence reduce demand for crude oil
-
That’s the second time this month WTI has fallen six consecutive days which has seen prices fall almost 20% from the January peak
-
Weekly stockpiles data from the American Petroleum Institute to January 24 are due today. Last week saw an increase of inventories by 1.6 million barrels.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.
Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Recommended Content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'