ForexLive European FX news wrap: Risk-off tilt stays the course after Apple warning

Author: Justin Low | Category: News

Forex news from the European morning session - 18 February 2020

Headlines:

Markets:

  • GBP leads, NZD lags on the day
  • European equities lower; E-minis down 0.4%
  • US 10-year yields down 3.9 bps to 1.545%
  • Gold up 0.4% to $1,586.85
  • WTI down 1.9% to $51.06
  • Bitcoin up 0.4% to $9,690

EOD 18-02
It was a session largely overshadowed by the softer risk mood after Apple issued a revenue guidance warning overnight, prompting fears of a more profound impact from the coronavirus outbreak on the global economy in general.

European stocks traded lower, with US futures following in similar vein as bonds stayed bid throughout the session. That kept USD/JPY around 109.70-80 for the most part but the aussie and kiwi were the notable laggards as we also saw USD/CNY rose above 7.00.

The pound was a surprise gainer as it pushed higher from lows of 1.2971 to test the key near-term trendline resistance around 1.3045 in mid-morning trade.

The euro easing to its lowest levels since April 2017 against the dollar didn't help, with EUR/GBP also falling to its lowest levels since December last year. EUR/USD slipped to a low of 1.0813 and moves closer towards key support near 1.0800.

As we look towards North American trading, risk remains on the defensive and it will be interesting to see if Wall St will be able to turn this one around after the long weekend.

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