Forex News

The worsening coronavirus situation could hit the economic recovery in Italy and the rest of Europe, warned European Central Bank (ECB) Governing Council member Ignazio Visco on Friday, as reported by Reuters. Additional takeaways "Deflation risk in the eurozone is lower than 6 months ago but must not be ignored." "Strong rise in Italy's household savings…

Strategists at UOB’s Quarterly Global Outlook noted the CNY is expected to gather extra pace in the next months. Key Quotes “Despite the increasingly tense relationship between the US and China, the stronger-than-expected growth momentum in China and stable monetary policy stance are the key drivers of CNY against the USD.” “With expectations that the…

EUR/GBP witnessed some fresh selling on Friday and dropped to the 0.9000 support zone. Descending triangle formation, bearish oscillators support prospects for further downside. The EUR/GBP cross struggled to capitalize on its intraday positive move, instead met with some fresh supply near a resistance marked by over one-week-old descending trend-line. The cross has now dropped…

GBP/USD has been struggling to post a meaningful recovery as coronavirus fears take over. Optimism about Brexit talks and uncertainty about the US elections are in play while Friday's 4-hour chart is pointing to the downside. Overall, there are reasons for the safe-haven dollar to rise and the pound to fall, Yohay Elam, an Analyst…

USD/JPY is consolidating weekly losses around 104.40 as concerns remain over the coronavirus spread. The pair is technically neutral in the short-term with risks skewed to the downside, FXStreet’s Chief Analyst Valeria Bednarik reports. Key quotes “Against other rivals, the greenback is firmly up weekly basis, as concerns rule, due to the spread of COVID-19…