WATCH: The Week in Forex – January 27, 2020
It’s Monday, 27 January, and this is the weekly review brought to you by TopRatedForexBrokers.
US stocks ended lower for the week as fears surrounded the outbreak of the coronavirus in China, with one case emerging in the US and a race now on to find the vaccine before it further spreads.* Most of the European equity markets also closed lower for the week.
In terms of the commodities, both gold and silver saw slight gains while Brent crude was hit quite hard by worries that the coronavirus could spread around the world, which in turn could affect travel and demand for oil.
The majors ended the week mostly mixed against the US dollar, with the ECB confirming that it would hold or even cut interest rates while continuing with its asset purchases until inflation gets back to its target level of just below 2%.
This caused the EUR/USD to drop to its lowest level since December 2.
This week saw an about-face for the cryptocurrencies as most of the leading ones took heavy losses.
Bitcoin topped out around the 9200 US dollar mark, but has subsequently fallen back below trendline support, pulling its peers down with it.
It is currently consolidating between the 8200 and 8500 mark.
*Information correct at time of recording.