Forex Today: Coronavirus takes a bite from the apple, Gold gains, Bitcoin bounces - FXStreet

Here is what you need to know on Tuesday, February, 18:

The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. The Japanese currency continues ignoring the 1.6% quarterly downfall in output from the world's third-largest economy. 

The disease has already killed over 1,800 people and infected 72,000 according to Chinese authorities. While casinos in Macau are reopening, Hong Kong is aiming to stimulate the economy in the wake of the damage from the virus. The UK is joining the US in evacuating its citizens from the Diamond Princess cruise ship docked in Japan.

EUR/USD continues trading close to the 34-month lows of 1.0820 ahead of the release of the German ZEW Economic Sentiment, which carries expectations of a slide after recovering in late 2019.

See German ZEW survey Preview: Time to start worrying

Brexit: David Frost, chief UK negotiator insisted that his country will make its own rules after the transition period ends, adding to concerns ahead of talks that begin in March. GBP/USD has finally taken note.

The UK's jobs report for December is expected to show a deceleration in wage growth but that the unemployment rate remains at historic lows of 3.8%. The report kicks off a long list of British economic figures this week.

See UK employment preview: Three reasons why GBP/USD could bounce even if wage growth slows

The Australian dollar is on under pressure also due to the Reserve Bank of Australia's meeting minutes, which stresses that an extended period of low rates is necessary. 

US traders return today after a long weekend and market liquidity is set to rise. The Empire State Manufacturing Index is of interest.

Oil prices remain stable at the lower ground as Russia remains reluctant to cut production in coordination with OPEC. 

Cryptocurrencies have managed to find their feet after several days of losses. Bitcoin trades around $9,800.

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https://www.fxstreet.com/news/forex-today-coronavirus-takes-a-bite-from-the-apple-gold-gains-bitcoin-bounces-202002180620

2020-02-18 06:20:00Z
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