Forex Daily Forecast, Analysis and Prediction

Preliminary Eurozone PMI data for February indicated a mild recovery off of depressed levels, hardly sufficient to warrant a stronger Euro.

Despite the surge in Covid-19 cases outside of China, specifically South Korea, Iran, and Italy, safe-haven assets are in the midst of a corrective phase.

Consumer confidence contracted in Australia as Covid-19 cases outside of China increased. China relaxed restrictions, offering a much-needed improvement in the condition.

The US dollar initially gapped lower against the Japanese yen to kick off the week on Monday, as fears about the coronavirus continues to be a major driver of markets.

The S&P 500 gapped lower to kick off the trading session on Monday, showing quite a bit of downward pressure.

The NASDAQ 100 has broken down significantly during the trading session on Monday, gapping lower which of course is a very negative sign.

The Euro initially gapped lower to kick off the trading session on Monday, but then turned around to fill that gap.

EUR/USD: Pivotal point at 1.0842

The British pound initially fell during the trading session on Monday as the week started off rather soft.

The Australian dollar gapped a bit lower during the open on Monday, but then turned around to fill the gap.

The West Texas Intermediate Crude Oil market gapped lower to kick off the trading session on Monday, breaking down below the $52.50 level almost immediately.

Natural gas markets fell again during the day on Monday, initially gapping lower, turning around to rally a bit, and then breaking back down.

Gold markets gapped higher to kick off the trading session on Monday, as fear of the coronavirus spreading to larger masses continues to cause major issues.

The Bitcoin market initially tried to rally during the trading session on Monday, but as you can see failed at the $10,000 level yet again.

The US dollar remains the best performing currency compared to other major currencies.