Market News – 12 Feb 2020

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By: Stuart Cowell

USD cools, Equities higher (but only just), RBNZ dropped talk of rate cuts – NZD soared, JOLTS report lowest in 2 years. nCoV is now Covid-19, deaths at 1110, 2015 new cases yesterday (lowest since January 30th) China claim containment & it could be over by April. Sanders won New Hampshire (Warren & Biden long way behind)

USD Index – 1st down day in 7 – closed at 98.58 – trades at PP 98.67 – R1 98.75 S1 98.54
EUR – low of 1.0891 yesterday – rallied to 1.0925 – back to pp at 1.0908 now – S1 1.0895
JPY – low 109.70 yesterday from highs at 109.95 – trades at over pp at 109.86 – S1 109.68 – R1 109.92
GBP – rallied from 1.2900 yesterday and over 1.2950 – 200hr ma at 1.2970. Trades at 1.2952 now – PP 1.2940 S1 1.2909
AUD – up again – over 200hr MA (0.6720) – R1 0.6740 pp 0.6710
NZD – rallied from 0.6377 lows yesterday – to 0.6478 R3 -post RBNZ – trades at 0.6460 now 200hr MA 0.6448 R2 0.6440
CAD – down again – from highs of 1.3320 yesterday to 1.3280 today 200hr MA 1.3270 – S1 1.3268 – PP 1.3294

BTC – back over 10k from 9700 yesterday – trades at $10,300

GOLD – down to under S1 at 1566 – PP 1570 – S2 1562
Oil – Recovered $50.00 today – trades at 50.60 – R1 50.80, R2 & 200hr MA 51.20, S1 49.75

Equities – New highs but closed up only 5 pts – 3357 – FUTS trade at 3366

TODAY – News cools after yesterday’s torrent – EU Ind. Production, UK Leading Index, Weekly Oil Inventories – Day 2 of Powell’s Testimony and speeches from Harker & the RBNZ’s Orr.

Biggest (FX) Move overnight @ (07:30 GMT) EURNZD (-0.95%) –Weak all day yesterday – under 20hr MA – RBNZ removed their easing bias from the statement – Kiwi soared – fell below S3 to 1.6854. RSI (22) & Stochastics oversold – MA’s & MACD remain supportive of the move.


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