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- Bloomberg
Singapore Dollar and Korean Won Get Dumped as Virus Cases Rise
(Bloomberg) -- The South Korean won and the Singapore dollar, two of Asia’s most trade-sensitive currencies, are getting dumped as the coronavirus spread worsens in Asia.Both dropped as much as 1% against the dollar, with Singapore’s currency falling to its lowest in almost three years. The won declined after the nation said virus cases more than doubled in one day.“The sudden sharp spike to 82 cases in Korea -- contrary to slowing new cases in other parts of the world including China -- is a wake-up call to market complacency,” said Christopher Wong, senior FX strategist at Malayan Banking Bhd. The won, along with Asian peers such as the Singapore dollar, may be some of “biggest casualties” as the economic fallout continues to worsen.While the Singapore dollar and the won lead losses, almost every other Asian currency also tumbled given the close linkages among the economies in the region.Other than the increase in cases in Korea, Japan also reported two deaths from a quarantined cruise ship. Passengers were allowed to start disembarking from the vessel on Wednesday amid concerns the government hasn’t done enough to prevent the disease from spreading.The Singapore dollar fell to a low of S$1.4083, before paring the loss to trade 0.5% weaker. The won was down 1% at 1,201.95, a level that had previously led to verbal intervention by policymakers.A gauge of three-month implied volatility for the Bloomberg-JPMorgan Asian Currency Index gained 12 basis points to 4.36% on Thursday.Singapore Dollar Vulnerable to 2017 Low on Surprise Easing Risk“The very real threat of infection due to the geographical location is impacting sentiment on the currencies,” said Nick Twidale, general manager of IC Markets in Sydney. “Both economies will be strongly affected by a slowdown in China, market participants are still surprised at the amount of workers that are not coming into offices in Singapore.”To contact the reporter on this story: Ruth Carson in Singapore at rliew6@bloomberg.netTo contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net, Brett MillerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- FX Empire
Gold Price Prediction – Gold in Euros Hit All-time Highs as Prices Continue to Rally
Gold prices broke out, and continue to rise as yields decline as concerns over the coronavirus buoyed the yellow metal. Gold prices have been negatively correlated to US yields and a breakdown would be a confirmation of a further rally in the yellow metal. Gold has historically been negatively correlated to the US dollar.
- FX Empire
The Mid-Week Wrap and Look Ahead – 20th January 2020
It’s been a choppy week for the majors as market sentiment towards COVID-19 and the Chinese economic outlook testing market resolve…
- FX Empire
Gold Price Forecast – Gold Markets Continue To Power Higher
Gold markets rallied a bit during the trading session on Wednesday, but then pulled back a bit at the highs in order to show a bit of sluggishness. Longer-term though, this is most certainly a bullish market.
- Coin Rivet
Can Litecoin achieve a new all-time high in 2020?
The 2017 cryptocurrency bull run made history for its rather unexpected yet rewarding nature, with the heavily scrutised Bitcoin rising like a phoenix to $20,000 while other altcoins like Litecoin also surged to new all-time highs. Litecoin's run to $420 was not only one of the most captivating but also one of the most surprising considering its value was just $3 at the start of 2017. March 30 will go down in history for Litecoin bulls as the spark that ignited the tremendous surge in price action. It rose by more than 90% to mark its largest ever one-day gain. The 2018 bear market was as gruelling as 2017 was euphoric. Litecoin fell by more than 75% within the spaceThe post Can Litecoin achieve a new all-time high in 2020? appeared first on Coin Rivet.
- FX Empire
USD/JPY Price Forecast – US Dollar Breaks Out
The US dollar broke out to the upside during the trading session on Wednesday, slicing through the significant barrier that we had been in. By exploding the way it has, it’s a very strong sign that the US dollar strength should continue.
- FX Empire
GBP/USD Price Forecast – Reddish Pound Breaks Down A Bit
The British pound broke down a bit during the trading session on Wednesday, slicing through the 1.30 level. Quite frankly though, the British pound has done fairly well against other currencies, so I believe that this is more or less a story about the US dollar more than anything else.
- FX Empire
Gold Daily News: Wednesday, February 19
The gold futures contract gained 1.08% on Tuesday, as it accelerated its recent advance.
- FX Empire
GBP/JPY Price Forecast – British Pound Rallies Against Japanese Yen
The British pound has rallied a bit during the trading session on Wednesday, showing signs of strength against the Japanese Yen yet again. This was bolstered by the inflationary numbers in the United Kingdom being better than anticipated again.
- FX Empire
EUR/USD Price Forecast – Euro Continues To Show Weakness
The Euro has initially tried to rally during the trading session on Wednesday, but as you can see that is given up signs of strength yet again. The Euro cannot get out of its own way.
- FX Empire
Gold and Silver Rallies Extend Further
Gold continues its impressive rally and yesterday it broke back above $1600/oz to reach the highest close since 2013.
- FX Empire
AUD/USD Price Forecast – Australian Dollar Continues To Fail
The Australian dollar initially tried to rally during the trading session on Wednesday but gave back the gains at the 0.67 level. Quite frankly, this market is struggling due to a whole host of reasons, and therefore although I believe it is trying to build some type of base, it’s very unlikely to be able to rally significantly in the short term.
- FX Empire
Gold (GC) Technical Analysis Price Futures – Strengthens Over $1612.60, Weakens Under $1605.60
Based on the early price action and the current price at $1611.00, the direction of the April Comex gold market the rest of the session on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at $1612.60.
- FX Empire
EUR/USD Mid-Session Technical Analysis for February 19, 2020
Based on the early price action and the current price at 1.0798, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to yesterday’s close at 1.0793. The early price action suggests the Euro may be trying to form a closing price reversal bottom.
- MarketWatch
U.K. inflation spikes and home builders are climbing
The FTSE 100 joined a rebound for global equities on Wednesday, with home builders in the lead after a bullish note from HSBC and as fresh data showed surging U.K. inflation.
- FX Empire
GBP/USD Daily Forecast – UK Inflation Rates Rebound Sharply Higher in January
Inflation data out of the UK came in stronger than expected with CPIH rising to 1.8%, a level not seen since the summer. GBP/USD settled near 1.3000 shortly after the data.
- FX Empire
EUR/USD Daily Forecast – Euro Decline Pauses as DXY Nears 2019 High
EUR/USD extended lower on Tuesday but has fallen into a range near the 1.08 level just as the US Dollar index (DXY) is nearing its 2019 high.
- FX Empire
Price of Gold Fundamental Daily Forecast – Bulls Hoping Fed Minutes Reveal Coronavirus Concerns
Traders will be looking for clues in the Fed minutes about the future of interest rates, and how much policymakers discussed the impact of the coronavirus on the U.S. economy. Last week, Fed Chair Jerome Powell said there would be some damage to the U.S. economy, but that it was too early to tell how much.
- FX Empire
AUD/USD Forex Technical Analysis – .6706 – .6718 Upside Target Ahead of Employment Reports
Based on the early price action and the current price at .6702, the direction of the AUD/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the pivot at .6706 and an uptrending Gann angle at .6702.
- FX Empire
NZD/USD Forex Technical Analysis – Early Strength Suggests Buyers Defending .6378 Main Bottom
Based on the early price action, the direction of the NZD/USD the rest of the session on Wednesday is likely to be determined by trader reaction to yesterday’s low at .6382.
- FX Empire
EUR/USD Expects Pullback to 1.0850-1.09 & Again Downtrend
EUR/USD is in a massive bearish price swing. This is probably a wave 3, which indicates that a longer downtrend is expected.
