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Feb 20 - 02:36 PM

EUR/USD - COMMENT-US Recap: Yen-Selling Spree Pauses, Profit-Taking Saves EUR/USD

By Randolph Donney  —  Feb 20 - 01:10 PM

The two-day yen-selling spree ran out of steam after coronavirus news took a less benign turn. Bidding up USD/JPY also became a less attractive near-term prospect as it approached its 2019 peak, charts flashed overbought signals and global PMIs loomed on Friday to update markets on the impact of COVID-19.
Philly Fed data beat nicely, but was an afterthought.
Profit-taking halted EUR/USD's slide -- despite indications of post-Brexit EU budgetary infighting -- after today's drop to a near-three-year low of 1.0778 filled a chart gap from 2017.
Otherwise, the dollar extended its broader breakout and took cable to new 2020 lows.
AUD’s jobless rate miss, USD/CNY’s 0.36% rise to new 2020 highs, a haircut for holders of Argentine debt and falling stocks kept commodity and emerging markets currencies defensive. Oil gained 1%, but more on supply disruption fears than hopes for rebounding global demand.
Copper and silver listed, while safe-haven gold gained.

Source:
Refinitiv IFR Research/Market Commentary

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