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.
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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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