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Mercury FX Market News
31.01.2020
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Mercury FX
Daily Brief
01/31/2020
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Good morning,
Please find today’s Daily Market News compiled by Mercury FX.
Have a good day,
Dave

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Reuters: Sterling gained on Thursday after the Bank of England held interest rates at 0.75%, defying money markets that had seen a 50% probability of a cut to help the economy. Following the move, interest rate futures moved to almost price out a rate cut at the March meeting as well, reinforcing the pound’s gains. Money markets are still pricing in a quarter-point reduction by September, however. “Both the hold and the vote will add upside pressure for the pound,” Neil Jones, head of FX hedge fund sales at Mizuho said. Sterling rose to $1.3109, up 0.7% on the day and its highest since last Friday, but last traded just below $1.31. Against the euro, the currency gained 0.5% to 84.13 pence. The meeting, the last under Governor Mark Carney, was one of the least predictable for years. Money markets had factored in a 50% probability of a 25-basis-point rate cut. To continue reading this article please visit http://www.mercury-fx.com/market-news/daily-brief/

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Reuters: The U.S. dollar fell Thursday on news that the American economy in 2019 posted its slowest annual growth in three years and that personal consumption weakened dramatically, ending the currency’s rally on safe-haven demand from worries about economic fallout of the coronavirus outbreak in China. The dollar index had gained 0.65% in the last two weeks as investor sold off risk assets. Coronavirus fears persisted, however, with the World Health Organization declaring the epidemic a public health emergency of international concern. Investors' flight from risk lifted the Japanese yen 0.21% and the Swiss franc 0.36%, but the U.S. economic data was bleak enough to depress the dollar's safe-haven appeal. The index was last trading down 0.14% on the day at 97.858. The American economy missed the Trump administration’s 3% growth target for a second straight year as the slump in business investment deepened amid damaging trade tensions, the Commerce Department reported. To continue reading this article please visit http://www.mercury-fx.com/market-news/daily-brief/

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BDL: The rand hovered at six-week lows on Thursday morning as the fear about the rapid spread of the coronavirus weighed on risk sentiment. The rand has performed the second-worst among emerging-market currencies tracked by Bloomberg over the past five days. The local currency earlier weakened to a six-week low of R14.84/$. The death toll for the coronavirus had risen to 170 on Thursday, with more than 7,700 people infected, Reuters reported. Investors are concerned about the effect this epidemic could have on the global economy. “Expect to see further declines and more volatility in risk assets in the coming days. Investors who were waiting for the dips to buy may need to wait a little longer, until we see signs of a peak in the rate of virus infection. Meanwhile, gold and treasuries are likely to remain in demand,” said FXTM chief market strategist Hussein Sayed. To continue reading this article please visit http://www.mercury-fx.com/market-news/daily-brief/

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Reuters: Asian currencies steadied their slide on Friday, as World Health Organization confidence in China’s response to a rapidly-spreading new virus tempered worries over a jump in infections. The WHO said late Thursday that the coronavirus outbreak was a global emergency, but opposed travel restrictions and said China’s actions so far will “reverse the tide” of its spread. Despite an increase in deaths and new cases, the WHO’s assured tone was enough to pause a rush to safety that has for two weeks pounded stocks and hammered currencies and commodities exposed to China. The death toll in China has now reached 213 and the number of cases is 9,692 - up from 7,711 a day ago. It has spread to 18 countries. The U.S. has warned citizens against visiting China. Antipodean currencies, which have borne the brunt of selling among the majors, were soft but steady by the Asian afternoon. To continue reading this article please visit http://www.mercury-fx.com/market-news/daily-brief/

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The content of this email is for information purposes only and should not be interpreted as a solicitation to offer to buy or sell any currency. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change without notice. Opinion may be personal to the author and may not reflect the opinions of Mercury Foreign Exchange Limited. All price information provided by Voltrex Limited.
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Issued by Mercury Foreign Exchange Limited © Copyright 2015 Mercury Foreign Exchange Limited
Registered in England and Wales 06445887. Registered office: 18 King William Street, London, EC4N 7BP
Authorised and regulated by the Financial Conduct Authority: 506786 and HM Revenue & Customs: 12500717
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