China finally reopened its markets after the Lunar New Year break, seeing its stocks slumping and weighing heavily on its Asian peers. However, the impact was not widely felt, in the face of the focused policy measures implemented by the Chinese authorities to combat the negative economic impact of the virus spread.
Across the FX board, the US dollar rebounded following weekly drops while the Aussie jumped on upbeat figures earlier. Meanwhile, the pound was the biggest loser in Asia amid growing Hard Brexit fears. The weekend reports cited that the UK PM Johnson is prepared to walk away from EU negotiations if he doesn’t get what he wants.
We have a busy start to a fresh week ahead, with the final Manufacturing PMI reports from across the Euro area economies, UK, US, and Canada. The speech by the German Buba President Weidmann’s speech will be closely heard, as the coronavirus updates will continue to remain the main market driver.
NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.
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