Forex Today: Coronavirus uncertainty keeps leading the way

FXStreet Team FXStreet

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

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FXStreet Team

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.