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

  • Slow start to the week amid a scarce macroeconomic calendar and a holiday in the US. The coronavirus outbreak continues to be the main risk factor, although there was no escalation in concerns that could trigger demand for safe-haven assets.
  • The EUR/USD pair held at the lower end of its latest range, pressuring the yearly low at 1.0826. The German Bundesbank said in its monthly report that there are no signs the currency situation is set to change in the first quarter of the year, while coronavirus’ uncertainty adds a new layer of risk.
  • The GBP/USD broke below 1.3000 at the end of the day, although limited volumes resulted in no follow-through. Concerns about the future relationship with the EU weighed as well as uncertainty surrounding the budget, due to be delivered by March 11.
  • Japanese economy contracted by more than anticipated in Q4, JPY under pressure, although coronavirus concerns limited its decline.
  • China added monetary stimulus, helping Asian and European equities to remain afloat. Gains were modest amid persistent coronavirus concerns.
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