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Forex Today: Coronavirus to keep investors on their toes

Here is what you need to know on Monday, February 3rd:

  • The dollar plummeted late on Friday as part of the US Treasury yield curve inverted, on the back of risk aversion. Weekend news likely to fuel the negative sentiment, as the coronavirus continues to spread outside China. The US has reported eight cases during the weekend, while the Philippines reported one dead, the first case outside China.
  • The Pound remained strong amid the BOE’s hawkish surprise on Thursday. The UK left the EU on Friday after 47 years in the Union. The market has priced it in long ahead of the event, which means no surprise is to be expected at the weekly opening. GBP/USD hovering around 1.3200.
  • The EUR/USD pair ended the week with gains near 1.1100 amid the broad dollar’s weakness. The advance seems corrective but could extend this Monday.
  • Commodity-linked currencies are the weakest, falling sharply against the dollar on plummeting equities.
  • Gold remained bid, with spot ending the week near $1,590.00 a troy ounce.
  • Crude oil prices remained under selling pressure, WTI bearish near $50.00 a barrel.
  • Cryptocurrencies consolidate gains over the weekend, BTC/USD hovering around $9,500.00.

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