Forex Today: Dollar rules, but corrective movements likely ahead of the weekend

FXStreet Team FXStreet

Here is what you need to know on Friday, February 21st:

Risk-off led the way. Coronavirus concerns exacerbated by multiple companies warning on sales results and an increased number of cases in China’s neighbour countries.
The dollar remained the strongest, although the EUR/USD pair spent the day consolidating just below 1.0800 for a second consecutive day, as extreme oversold conditions made bears hesitate.
The GBP/USD pair fell to a fresh 2020 low of 1.2848, later stabilising around 1.2880, despite upbeat UK Retail Sales.
USD/JPY hit 112.22 a multi-month high to finally settle just above 112.00. The Japanese yen was hit by fears of a technical recession, losing its safe-haven appeal.
AUD/USD fell to 0.6609, its lowest in over a decade after the Australian unemployment rate jumped to 5.3%.
Gold prices extended their run to levels last seen in February 2013 holding on to gains around $ 1,620.00 a troy ounce.
Crude oil prices edged higher after the EIA has reported a build in US crude oil inventories of 414,000 barrels, much better than the 2.494 million increase expected.
High-yielding equities closed in the red as more big names keep trimming sales forecasts on the back of the coronavirus outbreak.
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