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Coronavirus Cases Rose Unexpectedly, Investors Fly to Safety

Updated 11:55AM 13/02/2020


NZD and NOK are the top G10 FX gainers today, up 1.02% and 0.4% vs the dollar while JPY and USD are the top losers. JPY and CHF are the top G10 FX gainers today, up 0.35% and 0.18% vs the dollar while NOK and NZD are the top losers, down -0.41% and -0.12% vs the dollar.

 

Japanese Yen rose from a three-week low versus the dollar, and euro to swiss rate hit its lowest since August 2015 as investors sought safe havens after China reported a sudden jump in the number of new cases. Sterling also caught a bid as the recent economic data has so far justified previous Bank of England's decision to leave interest rates on hold. The overall focus will remain on Coronavirus as the crisis could deepen in light of the latest rise in the number of reported cases.

 

In the Asian equities space, the Nikkei 225 closed -0.14% lower at 23,827.73, Hang Seng closed -0.34% at 27730.0 and Kospi ended -0.24% at 2232.96. The European equities were trading weaker with the FTSE down -1.42% at 7427.48, DAX down -1.09% at 13599.89, and CAC down -1.05% at 6040.52. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.578% and the Bund 10-year yield trading at -0.41%. In the energy space, the Brent (front month) is trading down (-1.13%) for the day at $55.16.

 

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Economic Calendar

 
 

10-year Yields Daily Chart (6-month)

 
 

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Brent Crude Daily Chart (1-month)

 
 

(Content and Data by Tradermade)

 

Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.0888 for 1.0790
Short-term view: EUR/USD resistance comes in at 1.0888, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 1.079. Above 1.0888 to open 1.0912.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2965 for 1.2889
Short-term view: GBP/USD resistance comes in at 1.2965, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 1.2889. Above 1.2965 to open 1.2988.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.99 for 109.48
Short-term view: USD/JPY resistance comes in at 109.99, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 109.48. Above 109.99 to open 110.22.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6733 for 0.6667
Short-term view: AUD/USD resistance comes in at 0.6733, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 0.6677. Above 0.6733 to open 0.6754.