Forexlive Americas FX news wrap: Volatile up and down day as traders digest news/value/risk

Forex news for NY trading on  February 26, 2020. Today saw more up and down activity as a result of the mixed signals from the coronavirus. Whereas, the numbers of infected seem to have peaked in China, the numbers around the world are moving higher. 

Here is what’s on the economic calendar in Asia today

2145 GMT New Zealand trade balance for - expected -549 NZD , prior 547m NZD - exports expected 4.47bn NZD, prior 5.54bn NZD - imports expected 5.00bn NZD, prior 5.00bn NZD 0000 GMT New Zealand - ANZ business survey for February

Should you sell a currency if there is a virus breakout there?

What's the pandemic trade Sooner or later, there will be another country with a coronavirus breakout. Right now authorities are scrambling in South Korea, Iran and Italy.

SEC disapproves plan to list bitcoin ETF

ETF rejected It was already a tough day for bitcoin but news that the SEC has disapproved a plan to list a bitcoin ETF on NYSE ARCA is now breaking. Regulators cited concerns over Bitcoin manipulation.

Norway announces first coronavirus case

Brazil announced one earlier today It's getting tougher to name countries that have cases. don't France, Germany and Canada revealed some new and worrying cases today as well. What we're looking for is oddball cases that aren't tied to China or other known cases.

Bitcoin tries to hold near 200 day MA support him him him

Price moved below the MA today but rebounded The price of bitcoin moved below its 200 day MA today at the 8779.84 level on the Coinbase exchange today.  The low price extended to $8602.00, but has bounced back higher.  We currently trade at $8809.48,. That is still down $-568.54. So it is not a bullish day (the sellers

The front end is pining for Fed cuts

The bottom continues to fall out US 2-year yields are now trading more than 40 basis points below Fed funds. The odds of a March 18 cut in the OIS market have risen to 35% from 6% last Thursday.

WTI crude oil futures settle at $48.73

Down $1.17 or -2.34%. The price of WTI crude oil futures settled at $48.73. That was down $-1.17 or -2.34%. The high price for the day reached $50.44 after the inventory data. The low extended to $48.30. 

Gold tries to bounce back above the 100 hour MA

Bounced off yesterday lows The price of gold moved lower test the low from yesterday at $1625.22. The low today reached just below that level at $1624.98.  The price got a push higher on the Nassau County headlines, but is stalling near the 100 hour MA at $1646.79.  The price has traded above and below that

Dominoes start to fall: USD/CAD breaks the 2020 high as crude crumbles

USD/CAD breaks resistance On Monday I for a potential breakout in USD/CAD because a number of resistance bands are above and they could topple like dominoes.

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