Forex Today: Pound ignores sentiment, soars on relief

Here is what you need to know on Friday, February 14th:

 Risk aversion returned by the hand of the coronavirus outbreak, amid more cases and deaths reported. The dollar rose on renewed demand for safety,  with EUR/USD reaching a fresh multi-year low of 1.0833. The shared currency remains the weakest.

The Sterling soared after UK PM Johnson Cabinet’s reshuffle. The new Chancellor of Exchequer, Rishi Sunak, is said to be supportive of fiscal stimulus, which would take some of the pressure on the Bank of England to cut rates.  GBP/USD settled around 1.3050.

The Japanese yen appreciated just modestly, USD/JPY with a limited bearish potential.

Equities fell worldwide, although US indexes posted a substantial bounce ahead of the close, ending the day mixed.

Gold surged past $1,575.00 a troy ounce amid ruling risk-aversion.

Crude oil prices hold on to familiar levels, unable to find a clear direction.

Cryptocurrencies sung wildly, BTC/USD ends the red in the red around 10,230.00.

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EUR/USD trying to set an interim bottom

EUR/USD has been consolidating around 1.0800 for a second consecutive day, ignoring risk-off and broad dollar’s demand. The case for a corrective advance becomes stronger.


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