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POPULAR NEWS
Gold Down Over Escalating U.S.-China Tensions

Gold was down in Asia on Monday morning, with escalating U.S.-China tensions continuing to impact demand for even the safe-haven asset. Gold futures slid by 0.47% at $1,727.40 by 12:26 AM ET (5:26 AM GMT), with the yellow metal unable to hold onto its gains from the previous session. Stocks, which usually move in the opposite direction to gold, were mixed with Greater Chinese stocks suffering losses on Monday. Investors risk sentiment was down on Friday after China formally tabled national...

Gold Falls as Potential Japan Stimulus Boosts Risk Appetite

Gold declined on Monday as Japanese equities rose on news of a potential stimulus program that boosted investors™ risk appetite, though fresh tensions over Hong Kong limited the metal™s fall. Spot gold was down 0.5% at $1,726.18 per ounce by 0512 GMT. U.S. gold futures were fell 0.5% to $1,726.60. Gold on Friday rose as much as 0.8% to touch $1,739.51, before paring gains. Japan is considering fresh stimulus worth over $929 billion, which mostly consists of financial aid programs for...

Oil Dips as U.S.-China Tensions Add to Nerves on Global Economy

Oil edged lower as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand. Futures in New York lost 0.4% in Asian trading after falling 2% on Friday. China warned that some in the U.S. were pushing the countries toward a new Cold War, stoking concerns that deteriorating relations between the superpowers could complicate the market™s recovery from a historic demand crash. Beijing last week abandoned its decades-long practice...

Gold down as potential Japanese stimulus boosts risk appetite

Gold declined on Monday as Japanese equities rose on news of a potential stimulus programme that boosted investors' risk appetite, though fresh tensions over Hong Kong limited the metal's fall. Spot gold fell 0.4% to $1,728.06 per ounce by 02:52 GMT. U.S. gold futures were down 0.4% at 1,728.50. Gold on Friday rose as much as 0.8% to touch $1,739.51, before paring gains. Japan is considering fresh stimulus worth over $929 billion, which mostly consists of financial aid programmes for...

Tokyo stocks open higher on virus hopes

Tokyo stocks opened higher on Monday on expectations the state of emergency will be lifted for the whole nation including economic powerhouse Tokyo. The benchmark Nikkei 225 index was up 1.37 percent or 279.75 points at 20,667.91 in early trade, while the broader Topix index advanced 1.16 percent or 17.20 points to 1,495.00. Source:  AFP

EUR/USD: Corrective advances to gather pace above 1.0870
Tuesday, 25 February 2020 12:56 WIB | CURRENCIES |EUR/USD

EUR/USD clings to the recent recovery gains above 1.0850, as we progress towards the European opening bells, with the dollar bulls on the back seat after a wild ride seen on Monday.

Coronavirus grips Italy, could likely keep EUR undermined

Despite the upside attempts seen in the shared currency, EUR/USD™s corrective advances from a 34-month low of 1.0777 are likely to remain limited as markets believe that the coronavirus outbreak in Italy is likely to throw Eurozone™s third-largest economy back into recession.

The fast-spreading coronavirus broke outside China over the weekend, claiming six deaths in Italy while more than 220 confirmed cases have been reported, with a majority in Northern Italy. The government asked 10 towns to be quarantined.

Meanwhile, the US dollar could likely continue benefiting from the increased haven demand should the coronavirus contagion risk mount. Also, the economic divergence between the US and Eurozone also remains in favor of the greenback, as growing German recession fears ramped up ECB Summer rate cut bets to almost 50%.

However, if the risk recovery extends into Europe, the US dollar could see a further correction, in turn adding to the upside in the spot. The bulls need a sustained break above 1.0870 for the recovery to gain momentum towards the 1.0900 level.

Markets will remain focussed on the coronavirus-related developments, especially in Italy, for fresh EUR/USD trades. In the meantime, the German Final GDP data will be eyed ahead of the key US Conference Board Consumer Confidence due later in the NA session. 

EUR/USD Technical levels to consider

œIn the 4-hour chart, the pair found support around a mild-bullish 20 SMA, while technical indicators have bounced from their midlines, maintaining their upward slopes and near their daily highs. The 100 SMA has extended its decline, approaching the 38.2% retracement of the mentioned decline at 1.0900. The pair would need to advance beyond this last to gain bullish traction, quite unlikely in the current risk-averse scenario. Support levels: 1.0770 1.0725 1.0690. Resistance levels: 1.0860 1.0900 1.0930, FXStreet™s Chief Analyst, Valeria Bednarik, noted.

Source: FXstreet

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POPULAR NEWS
Gold Down Over Escalating U.S.-China Tensions

Gold was down in Asia on Monday morning, with escalating U.S.-China tensions continuing to impact demand for even the safe-haven asset. Gold futures slid by 0.47% at $1,727.40 by 12:26 AM ET (5:26 AM GMT), with the yellow metal unable to hold onto its gains from the previous session. Stocks, which usually move in the opposite direction to gold, were mixed with Greater Chinese stocks suffering losses on Monday. Investors risk sentiment was down on Friday after China formally tabled national...

Gold Falls as Potential Japan Stimulus Boosts Risk Appetite

Gold declined on Monday as Japanese equities rose on news of a potential stimulus program that boosted investors™ risk appetite, though fresh tensions over Hong Kong limited the metal™s fall. Spot gold was down 0.5% at $1,726.18 per ounce by 0512 GMT. U.S. gold futures were fell 0.5% to $1,726.60. Gold on Friday rose as much as 0.8% to touch $1,739.51, before paring gains. Japan is considering fresh stimulus worth over $929 billion, which mostly consists of financial aid programs for...

Oil Dips as U.S.-China Tensions Add to Nerves on Global Economy

Oil edged lower as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand. Futures in New York lost 0.4% in Asian trading after falling 2% on Friday. China warned that some in the U.S. were pushing the countries toward a new Cold War, stoking concerns that deteriorating relations between the superpowers could complicate the market™s recovery from a historic demand crash. Beijing last week abandoned its decades-long practice...

Gold down as potential Japanese stimulus boosts risk appetite

Gold declined on Monday as Japanese equities rose on news of a potential stimulus programme that boosted investors' risk appetite, though fresh tensions over Hong Kong limited the metal's fall. Spot gold fell 0.4% to $1,728.06 per ounce by 02:52 GMT. U.S. gold futures were down 0.4% at 1,728.50. Gold on Friday rose as much as 0.8% to touch $1,739.51, before paring gains. Japan is considering fresh stimulus worth over $929 billion, which mostly consists of financial aid programmes for...

Tokyo stocks open higher on virus hopes

Tokyo stocks opened higher on Monday on expectations the state of emergency will be lifted for the whole nation including economic powerhouse Tokyo. The benchmark Nikkei 225 index was up 1.37 percent or 279.75 points at 20,667.91 in early trade, while the broader Topix index advanced 1.16 percent or 17.20 points to 1,495.00. Source:  AFP

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