Forex Today: Coronavirus weight on growth keeping investors on the back foot


Here is what you need to know on Monday, February 17th:

  • US data released on Friday was mixed, with Retail Sales up by 0.3% but the core reading disappointing by holding flat, while Industrial Production fell in January. Michigan’s Consumer Sentiment jumped to 100.9 in February according to preliminary estimates, beating expectations and partially offsetting the negative headlines.
  • During the weekend, China reported that there were 68,500 cases of coronavirus, while the death toll rose to 1,669. A Chinese woman died in France, the first death reported in Europe. Concerns likely to keep the market in risk-off mode.
  • EUR/USD remained pressured and settled at its lowest since April 2017 as Germany Q4 GDP showed that the economy didn’t grow in the three months to December.
  • GBP/USD flirted with 1.300 but bounced, holding on to  Cabinet reshuffle-related gains.
  • Gold prices benefited for increased demand for safety. Spot gold settled at $1,583.74 a troy ounce.
  • Crude oil prices edged higher at the end of the week, as Russian oil producers favour extending production cuts.
  • Cryptocurrency market update: Ethereum stands tall amid broad crypto correction

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD slips below 1.08 amid weak data, coronavirus headlines

EUR/USD is trading below 1.08 as eurozone Sentix Investor Confidence plunges to -42.9, around the 2008 crisis levels. Encouraging coronavirus headlines kept the euro bid earlier.

EUR/USD News

GBP/USD under pressure amid concerns about UK PM´s health

The GBP/USD pair is under pressure trading below the 1.2300 level as news that PM Boris Johnson has been hospitalized due to “persistent symptoms,” according to his spokesman. Rumors mounting Johnson is in worse shape than reported.

GBP/USD News

XRP leads cryptos on the verge of a new bullish trend

XRP/USD crosses the long-term bearish channel ceiling and signals the launch of a new uptrend in the crypto market. Ether should be the positive player in the coming weeks. Market sentiment remains very pessimistic despite the significant improvement in recent hours.

Read more

Gold: Bulls remain in control near 2-week tops, around $1640 region

Gold gained positive traction for the fourth consecutive session on Monday and climbed to near two-week tops, around the $1638 region during the mid-European session.

Gold News

WTI rebounds above mid-$27s as investors stay focused on OPEC headlines

Crude oil prices came under strong selling pressure after developments over the weekend revealed that the OPEC+ emergency meeting got postponed to Thursday to give more time to sides to negotiate.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures