FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
95,479,062Confirmed
2,039,601Deaths
68,167,161Recovered
Fetching Location Data…
Advertisement
Advertisement
Dan Blystone
U.S. Dollar Index

The greenback had rallied sharply since March 9th as fears spiked over the economic consequences of lockdowns across the globe. However, signs of a slowdown in the spread of coronavirus prompted flows into risk-sensitive currencies such as the Australian dollar, while safe havens such as gold and the US dollar traded lower.

Data from Johns Hopkins University shows that coronavirus COVID-19 global cases have risen to 1,350,841, with 74,870 fatalities. Hopes were lifted after hard hit Italy reported its lowest daily COVID-19 death toll for more than two weeks on Sunday. Italy’s ISS national health institute director Silvio Brusaferro told reporters, “The curve has started its descent and the number of deaths has started to drop”. He added “If these data are confirmed (in the coming days), we will have to start thinking about phase two”, suggesting that authorities are beginning to think about easing lockdowns.

Advertisement
Know where EUR/USD is headed? Take advantage now with 

75% of retail CFD investors lose money

Meanwhile, the United Kingdom is on edge after Boris Johnson spent the night in intensive care at a central London hospital after his coronavirus symptoms worsened. Numerous world leaders expressed their well wishes, with French President Emmanuel Macron tweeting Monday: “I send all my support to Boris Johnson, to his family and to the British people at this difficult moment. I wish him a speedy recovery at this testing time.”

Global equity markets traded higher in early trading on Tuesday, lifted by signs of the pandemic slowing and also by rising hope that the world’s biggest producers of crude oil will agree to cut output. The euro snapped a six day losing streak against the dollar, rallying over 100 pips as confidence over Eurozone prospects increased. Looking at the EUR/USD daily chart we can see resistance overhead at the 50 period SMA currently at 1.0973, while support lies below in the area of 1.0776.

Dan Blystone, Scandinavian Capital Markets

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US