Here is what you need to know on Tuesday, January 28:
China’s fast-spreading coronavirus epidemic and the rising death toll ensued a slump in the Asian equity markets, as investors remained wary about the contagion risks and its implications on the global economic growth.
China’s National Health Commission (NHC) reported confirmed coronavirus cases at 4,515 and death toll at 106 while the first case of the virus was confirmed in Germany.
However, a sense of calm prevailed across G10 fx space, with most majors in tight trading ranges, as the US dollar held steady near two-month highs against its main competitors. The US Treasury yields traded modestly flat while the US stock futures rebounded over 0.50%.
USD/JPY held onto minor recovery gains around 109.00 while the Antipodeans renewed multi-week lows. AUD/USD breached 0.6850 after the Australian NAB Business Survey disappointed.
EUR/USD traded close to 2020 lows on 1.1000 despite the upbeat German IFO survey. GBP/USD stalled its overnight bounce and traded flat in mid-1.30s, with all eyes on the Bank of England (BOE) base rate decision and post-Brexit trade talks with the EU.
Amid fragile market mood, gold prices consolidated the recent gains around $1480 while oil prices traded on the back foot, extending a week-long losings streak.
Cryptocurrencies traded with moderate gains, with Bitcoin trading above $9,000 mark.
- US Durable Goods Orders Preview for December: Positive patience
- US Conference Board Consumer Confidence January Preview: Now who's happy, We're all happy
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.