Despite the latest recovery attempt from a new 34-month of 1.0823 reached in early Asia, the sentiment around the EUR/USD pair remains undermined by the German economic growth concerns and broad US dollar strength. Focus on German ZEW, coronavirus updates.
The safe-haven yen is drawing bids in Asia, as the risk-off sentiment remains the key theme amid growing concerns of the negative economic impact of coronavirus outbreak. USD/JPY holds the lower ground near 109.70 amid losses in the Asian equities, S&P 500 futures and Treasury yields.
GBP/USD stays mildly negative just below 1.30 while heading into the London open on Tuesday. UK’s Brexit negotiator shares the same view as PM Boris Johnson, increases the risks of hard departure. UK employment statistics will be the key to clarify on the BOE’s bearish bias.
Gold prices take the bids above $1585, +0.35%, during the pre-European trading on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.
The recovery in the price of a barrel of oil has started to fizzle out within a fundamentally bearish landscape and mixed sentiment with regards to the spread of the coronavirus. At the time of writing, WTI is trading at 451.79 having travelled between $51.74 and $52.16, down some 0.97% on the session so far.