EUR falls to lowest level in almost three years
The euro pushed lower, hitting levels not seen in almost three years. EUR/USD fell as low as 1.0827. Investors' concern with the economic growth of the region caused speculation that the European Central Bank might ease monetary policy. News that the spread of the coronavirus is slowing caused a shift in risk sentiment. The market will remain vulnerable to headlines regarding the coronavirus.
February 14, 2020
EUR/USD 1.0859 GBP/USD 1.3023 USD/CAD 1.3245 AUD/USD 0.6724 USD/JPY 109.76 USD/CNH 6.9916 USD/ILS 3.4286 USD/MXN 18.5839 USD/CHF 0.9805 USD/INR 71.3675
US retail sales data were released lower than expectations at 0.0% vs. the forecast of 0.5%. The USD weakened after the release.GBPSterling remains steady above the 1.30 handle. GBP/USD popped ~ 0.7% yesterday after the UK Finance Minister resigned and markets speculated that the nation could move towards additional fiscal stimulus.EUREuro hit lowest levels in almost three years, trading down to 1.0827. Concern regarding the region’s economic growth resulted in speculation that the European Central Bank could ease monetary policy.CADCrude oil rebounded 1.3%, pulling the Canadian dollar with it. CAD is set to reverse a five-week decline after the pop in oil and revised data from China regarding the spread of the coronavirus.ASIA/PACIFICUSD/JPY remains largely range-bound, sticking around the 109.80 level as investors await additional details regarding the coronavirus. Any headlines around the virus will continue to drive market risk sentiment.