Forex Today: Fears to keep leading the way


Here is what you need to know on Monday, February 24th:

  • The American dollar edged lower at the end of the week, amid dismal US data triggering profit-taking. Business output contracted in the country for the first time since 2013. The greenback’s bullish trend remains in place, as the movements seem corrective.
  • Coronavirus possible effects on global economic growth kept the mood depressed. Global equities closed in the red, while the yield on the benchmark US 30-year Treasury note fell to a record low of 1.89%. Fears of a recession hit Japan and the US.
  • The EUR/USD pair has finished the week around 1.0850, the 23.6% retracement of its latest daily slump. The advance seems corrective, and chances of additional gains are limited.
  • The GBP/USD pair bounced from a fresh yearly low, remains sub-1.30. UK manufacturing output unexpectedly soared. The EU and the UK set to start trade talks in March, Brexit to return to the spotlight.
  • The Aussie remains among the weakest, as the Australian economy is being hit by Chinese jitters.
  • The Japanese yen recovered just modestly after collapsing in the previous days, amid fears of a technical recession in Japan.
  • Gold prices soared, with spot reaching a fresh multi-year high of $1,649,21 a troy ounce.
  • Crude oil prices edged higher for a second consecutive week but closed Friday in the red. Saudi Arabia is weighing a break-up of the oil production alliance with Russia amid disagreements over the coronavirus outbreak's potential impact on the global oil demand.
  • Cryptocurrencies advanced on Sunday, poised to extend gains this week. 

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.

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