Global stocks rose today as the market speculated that the economy will be able to withstand the spreading coronavirus disease. Futures tied to the Dow and S&P500 rose by 285 and 35 points respectively. In Europe, the DAX and Stoxx indices rose by 145 and 45 points respectively. Similarly, the price of crude oil rebounded, with Brent, the global benchmark rising by 60 basis points respectively. WTI crude oil rose by more than 1.35%. Recent data has shown a rebound in global manufacturing while the Chinese central bank has injected fresh liquidity into the market.

The pound wobbled today as the market continued to reflect on the future of the UK. The pair dropped to a low of 1.2940, which was the lowest level since December 26. The price then rose after the market received positive construction data. The numbers showed that the PMI rose from 44.4 to 48.4. This was the highest level since June last year. The country’s public finance will face a £12 billion deficit by 2022-23. This is the opposite of the £5 billion surpluses that Boris Johnson promised in his manifesto. At the same time, the country will go through a challenging period as it negotiates a trade deal with the European Union.

The Australian dollar and stocks rose today as the market reacted to the RBA rates decision. Stocks rose as the market started to downplay the impact of the coronavirus. The dollar rose because the central bank lifted the growth forecast for the economy. This removed the probability that the bank will cut interest rates again this year. This is after the three rate cuts it made last year. The market will receive construction index data from the nation. It will also receive retail sales data on Thursday and the RBA monetary policy statement on Friday.

EUR/USD

The EUR/USD pair was unchanged today. It is trading at 1.1053, which is along the white support shown below. The price is along the 14-day and 28-day exponential moving averages while the RSI has flattened at the current level of 43. At this point, the pair will likely breakout in either direction as the market waits for the official employment data from the United States later this week.

XBR/USD

The XBR/USD pair rebounded today, and is trading at 55. This is slightly higher than yesterday’s low of 53.75. The pair is close to the lowest level since January last year. The bars of the Bears Power are below the neutral level. The price is also below the 14-day and 28-day exponential moving averages. It is also below the Ichimoku cloud. The pair may resume the downward trend as the market waits for OPEC action.

AUD/USD

The AUD/USD pair rose today after the hawkish statement from the Reserve Bank of Australia. The pair is trading at 0.6710, which is higher than yesterday’s low of 0.6680. The price is slightly below the 14-day and 28-day adaptive moving average on the four-hour average. The RSI has emerged from the oversold level of 30 to the current level of 45. Today’s price action could be the start of a new bullish trend for the pair.