Here is what you need to know on Tuesday, February, 18:
The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. The Japanese currency continues ignoring the 1.6% quarterly downfall in output from the world's third-largest economy.
The disease has already killed over 1,800 people and infected 72,000 according to Chinese authorities. While casinos in Macau are reopening, Hong Kong is aiming to stimulate the economy in the wake of the damage from the virus. The UK is joining the US in evacuating its citizens from the Diamond Princess cruise ship docked in Japan.
EUR/USD continues trading close to the 34-month lows of 1.0820 ahead of the release of the German ZEW Economic Sentiment, which carries expectations of a slide after recovering in late 2019.
See German ZEW survey Preview: Time to start worrying
Brexit: David Frost, chief UK negotiator insisted that his country will make its own rules after the transition period ends, adding to concerns ahead of talks that begin in March. GBP/USD has finally taken note.
The UK's jobs report for December is expected to show a deceleration in wage growth but that the unemployment rate remains at historic lows of 3.8%. The report kicks off a long list of British economic figures this week.
See UK employment preview: Three reasons why GBP/USD could bounce even if wage growth slows
The Australian dollar is on under pressure also due to the Reserve Bank of Australia's meeting minutes, which stresses that an extended period of low rates is necessary.
US traders return today after a long weekend and market liquidity is set to rise. The Empire State Manufacturing Index is of interest.
Oil prices remain stable at the lower ground as Russia remains reluctant to cut production in coordination with OPEC.
Cryptocurrencies have managed to find their feet after several days of losses. Bitcoin trades around $9,800.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD consolidates near 19-month peak as traders await US PCE Price Index
AUD/USD oscillates in a range below the 0.6900 mark, as traders opt to move to the sidelines ahead of the US PCE Price Index. In the meantime, the RBA's hawkish stance, the optimism led by additional monetary stimulus from China, the prevalent risk-on mood, and a bearish USD continue to act as a tailwind for the pair.
USD/JPY holds above 145.00 after the Tokyo CPI inflation data
The USD/JPY pair attracts some buyers to near 145.20 on Friday during the early Asian session. The pair gains ground near three-week highs after the Tokyo Consumer Price Index. The attention will shift to the US Personal Consumption Expenditures Price Index for August, which is due later on Friday.
Gold price holds steady near record peak; looks to US PCE data from fresh impetus
Gold price consolidates below the all-time high set on Thursday amid overbought conditions on the daily chart and the risk-on mood, though dovish Fed expectations continue to act as a tailwind. Bulls, meanwhile, prefer to wait for the release of the US PCE Price Index before placing fresh bets.
Ethereum investors show bullish bias amid ETF inflows and positive funding rates, exchange reserves pose risk
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates. However, investors may be wary of a potential correction from ETH's rising exchange reserve.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.