Here is what you need to know on Thursday, February 27th:
- Fears eased by uncertainty and caution prevailed. Major pairs remain mostly confined to familiar levels, as speculative interest is still trying to asset the effects of coronavirus on economic growth.
- The macroeconomic calendar was utterly light, exacerbating the relevance of sentiment on trading.
- EUR/USD edged modestly higher, trading just ahead of the 38.2% retracement of its latest slump at 1.0900.
- GBP/USD was unable to hold on to gains above 1.3000 amid mounting tensions between the UK and the EU over the future trade relationship between the two economies.
- The USD/JPY pair recovered some ground, but the advance was capped by a major Fibonacci resistance level. The movement seems corrective.
- The Aussie is the weakest, weighed by poor local data, the poor performance of equities and doubts about Chinese economic progress.
- The price of the oil barrel was down for a fourth consecutive day, with the commodity trading at its lowest in over a year. US stockpiles increased by less than anticipated, according to the weekly EIA report, yet doubts about OPEC+ future cuts weighed more.
- Gold prices continue to consolidate, with spot little changed in the day at around $1,650.00 a troy ounce.
- Crypto Today: Bitcoin bears force devastating break of $9000