|Day's Range||1,635.10 - 1,666.70|
EUR/USD has recovered higher after finding a bottom late last week, however, the upward momentum appears to have slowed near an overhead resistance level.
The majors are set for a positive start to the day off the back of Monday’s slide. Stats will need to support, however…
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After a sharp recovery higher on Friday, GBP/USD has declined lower to start the new week to erase most of Friday’s gain.
While the global markets are seeing an extreme level of volatility to start the new week, EUR/USD is confined in a relatively tight range, holding close to a nearly 3 year low.
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We could see periodic short-covering rallies over the near-term, but without a lingering cold front, any rallies are likely to be stopped by fresh short-sellers.
Gold investors aren’t waiting for the data to confirm the severity of the coronavirus outbreak on the global economy. They are already betting on weak numbers.
Given that the virus was thought to be a sever short-term problem and expectations were for a quick recovery to what degree does the weekend news flow alter that view will be critical.
Silver has recorded strong gains this week, as investors unnerved over the coronavirus have boosted precious metals, which are safe-haven assets. Silver prices could hit the lofty $19 level as early as next week.
It was a Risk-off Thursday, with the S&P500; down 0.5% heading into the close and Europe’s Stoxx600 closed 0.9% lower. US 10y yields slipped 5bps to 1.52%, levels not seen since early February.
Oil prices fell on Friday in Asia as fears about the coronavirus in China outweighed data that showed crude stockpiles rose much less than expected last week. U.S. Crude Oil WTI Futures dropped 0.9% to $53.42 by 1:19 AM ET (05:19 GMT), while international Brent Oil Futures lost 1.0% to $58.73. Oil inventories rose by 414,000 barrels for the week ended Feb. 14, the EIA said.
Based on the early price action and the current price at 99.735, the direction of the March U.S. Dollar Index into the close is likely to be determined by trader reaction to yesterday’s close at 99.597.
Based on the early price action and the current price at 29043, the direction of the March E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to a pair of Gann angles at 28937 and 29031.
The US stock markets continue to show resiliency overall, although it was a bit quiet during the trading session on Thursday. The market currently covers just below the 3400 level, and I think we are trying to build up the necessary pressure to break above it.
Silver markets spent most of the day falling on Thursday but did find buyers eventually near the $18.25 level to turn around and show signs of trying to break out in becoming an impulsive move to the upside.
The crude oil markets rallied again during the trading session on Thursday, as the markets had been oversold. At this point, we are seeing a deceleration of new cases of coronavirus in China, at least as far as official numbers are concerned.