Asia is trying to recover

Analisi Giornaliera - 11/02/2020

The virus is slowing and Asian currencies are on the move

coronavirus-markets


On Tuesday, Asian currencies were moderately stronger as investor risk desire grew owing to a slow-down in the speed of the coronavirus. China announced 108 new coronavirus losses today driving the entire amount of people killed in China to 1,016, however, the number of new cases dropped. China’s currency yuan remained solid at 6.9772 per dollar.

The Australian dollar, which is extremely susceptible to China’s economic health due to the fact that Australia’s commodity-heavy export state increased 0.3% to $0.6706. It went below yesterday and continues nearly 4.5% below for the 2020.

Dow gained more than 170 points


On Monday US Stocks surged, bouncing from a drop in the beginning of the day. The Gains was driven by strong earnings in technology shares like NVidia, AMD and Amazon. The Dow Jones Industrial Average advanced more than 174 points, to finish at 29,276.80 following a drop of more than 100 points to start the day. The S&P 500 improved 0.6% to 3,352.08 while the Nasdaq Composite increased 1% to close the day at 9,628.38. Both the S&P 500 and Nasdaq ended touching all-time tops.

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Gold eased while US stocks get stronger


On Tuesday Gold eased from a 7-day top scored in the previous trading session because of a more powerful greenback and positive momentum in stocks while China’s factories gradually returned to business amid a mounting death toll from the coronavirus disease. Spot gold lost 0.2% to $1,568.10 per ounce. Gold reached yesterday its highest level since last week at $1,576.72. US gold futures dropped 0.5% to $1,571.69.

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Oil retraced about 1%


On Tuesday Oil grew more than 1% in line with a surge in stock markets. However, investors continued to be nervous over the Wuhan coronavirus that now counts over 1,000 deaths in China.

Brent crude surged 70 cents, to $53.96 a barrel retreating from a day top of $54.12. US West Texas Intermediate moved up 60 cents, at $50.17 a barrel.

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