WATCH: Forex Weekly Review – February 3, 2020
Welcome to this weekly review brought to you by TopRatedForexBrokers.
Global equity markets ended lower last week, amid persistent concerns over the spread of the coronavirus and its potential impact on the global economy.
UK markets ended in negative territory, led by losses in mining sector stocks.
US markets closed on a weaker footing, weighed down by losses in industrial and consumer discretionary sector stocks.
Currencies & commodities
The US dollar ended mostly lower against its peers, while the British pound got a boost after the Bank of England left the interest rate unchanged at 0.75%
Gold prices rose a little last week, as investors looked for shelter in the safe-haven commodity. Brent oil prices dropped sharply for the second week, as the rising death toll from the spread of coronavirus continues to impact oil demand.
All major cryptocurrencies saw large gains last week with Litecoin leading the way, closing the week up around 30%.
Bitcoin has been consolidating in a sideways channel between $9,200 and $9,500 for the past few days, as it decides whether an attack of the $10,000 mark will be forthcoming. A break above the current range could see a renewed push to the upside.
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