Hectic week ahead as world tries to contain virus

February 24, 2020

There is a stack of data scheduled for release this week, which could bring a few surprises. Meanwhile, countries are trying to keep a lid on further outbreaks of the coronavirus.

The EURUSD sprung back to life on Friday, clawing back some of the losses sustained earlier in the week. The pair opened the day at a low of $1.07822 and edged up slowly throughout the first half of the day, before taking off and peaking at $1.08629 late and closing at $1.08471. However, it opened quite lower on Monday is now trading at $1.08282. The GBPUSD rallied on Friday to close out the week, almost hitting $1.30. The pair started the last day of the week at $1.28810 and dipped to a low of $1.28747 in the opening hour of the day. It lifted gradually in early trading before gaining momentum mid-session, eventually hitting a high of $1.29802 late in the day. It has come off those highs and is now trading at $1.29486.

The Dow limped into the weekend, sliding lower to end the week. The index began Friday at 29,171.69 and ticked up to a high of 29,190.23 in the opening hour of the day. From that point, it was mainly downhill for the rest of the session with the Dow hitting a low of 28,884.33 late in the day. It has opened much lower and in early Monday trading is now at 28,650.00. The Dax was weighed down by the Dow on Friday, ending the day lower. It opened at 13,684.06 and nudged up to a high of 13,710.33 in the opening hour of the day. The German index decline shortly afterwards, with the losses picking up pace late in the day. The Dax hit lows of 13,495.94 before closing at 13,556.37.

The week ahead is packed with data, with US GDP data expected late in the week. Away from economic data and the coronavirus is having an economic impact, with reduced trade and tourism affecting many countries around the globe.

Data published today and the most significant this week includes:

Today – German Ifo Business Climate, NZ Credit Card Spending

Tuesday – German Final GDP

Wednesday – US CB Consumer Confidence

Thursday – Australian Private Capital Expenditure, NZ ANZ Business Confidence

Friday – US Prelim GDP, Durable & Core Durable Goods Orders, Pending Home Sales, German Prelim CPI, China Manufacturing PMI, Canadian GDP


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