Trading news

China Inflation Rises On Coronavirus

The latest inflation report from China showed a strong gain in consumer prices. The gains were driven by demand on account of the coronavirus as well as the Chinese lunar new year.

China’s inflation rose 5.4% on the year in January 2020. This was the highest level in CPI, in over eight years, since October 2011.

Sentix Investor Confidence Slips in February

The eurozone’s investor confidence, as measured by Sentix, fell slightly from 7.6 to 5.2 in February. The declines came as investors fear the ramifications of the coronavirus outbreak.

Although the reported cases in Europe have been low, investors are weighing the larger impact in terms of trade with China. In a separate report, Italy’s industrial production was down 2.7% following a 0.1% increase previously.

No Respite for the EURUSD

The common currency continues its bearish trend with no signs of a respite. The EURUSD is posting fresh 2020 lows as it fails to beat a stronger dollar.

With the current trend, the common currency is on track to test the lower support at 1.0897. This marks a retest of the early October 2019 lows.

USD Strengthens Ahead of Powell Speech

The US dollar continues to maintain its grip strengthened by Friday’s payrolls report. Amid a quiet trading day, investors look to big events this week which include the Fed Chair’s testimony to Congress.

GBPUSD Attempts to Retrace Losses

Cable is posting a retracement following the declines from last week. However, price action looks bearish below the support/resistance level of 1.2960.

With the Stochastics slightly moving up from the oversold levels, a renewed selling pressure could push the GBP lower. The main downside target is at 1.2582.

Gold Prices Stall Following 3 Days of Gains

The precious metal was trading flat on Monday after posting three days of gains from the week before.

Gold traders are likely to stay on the sidelines, waiting for more fundamental cues. Later in the week, US inflation and retail sales numbers are due.

XAUUSD Holds Steady at Resistance

The precious metal made strong gains and held on to them on Monday. Price action is trading near the resistance level of the 1573 – 1569 region. This keeps the bias mixed.

An upside momentum could see gold retesting recent pivot highs of 1590. To the downside, a correction could push XAUUSD to the early February lows of 1548.50.

Orbex Review

Tuesday, 11 Feb, 2020 / 2:29

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.orbex.com/blog/en/2020/02/china-inflation-rises-on-coronavirus

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