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Following Fed Chair Jerome Powell’s speech last week, equities started off on a positive note.
There is a wide consensus that central banks across the world will be cutting rates. This is because of the global economy being hit hard due to the Coronavirus.
In the US, investors are already pricing in a prospect of a rate cut at the March FOMC meeting.
Eurozone Manufacturing Sector Contracts
The final manufacturing activity figures from IHS Markit shows a modest contraction in the sector. The final manufacturing PMI rose to 49.2 in February, up from 47.9 in January. This was a slight increase from the flash PMI numbers which signaled a reading of 49.1
EURUSD Pops Higher to a 1-Month High
The common currency surged higher on Monday, gaining over 1% on the day. Price action is testing the resistance level of 1.1193 – 1.1170. We anticipate a possible reversal at this level. This will keep prices consolid...
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