The corona virus out brake is behind the strength of the JPY over the past 3 trading days as investors seek “safety” in the JPY and flee Asian currencies and the Yuan. The dollar is flat for the third day in a row at the 97.5 level versus FX markets while most other markets other than the AUD traded flat yesterday, while the Australian dollar traded higher on positive employment data. EU and Asian equity markets traded lower yesterday while US equity markets traded at fresh 2020 highs once again before a late market pullback. Gold and Silver traded marginally higher yesterday, Gold closed at $1,558 per ounce and Silver at $17.85 per ounce while Oil traded sharply lower ahead of the inventories numbers today, as investors fear a slowdown in the Chinese economy and lower demand near term. Oil closed at $56.73 per barrel yesterday, nearing a 10-week low.
The ECB press Conference and EU Rate decision at 12:45 and Oil Inventories at 4:00 pm are the important news on the agenda Thursday, (all times GMT).
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Oil prices lost nearly 3% yesterday as investors fear the corona virus out brake will temper global growth.
EU markets lower for the fourth day in a row this morning, fearing a global growth slowdown.
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