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USD Finds Safe Haven Support
The US dollar has kicked off the new week in the green as safe-haven demand linked to the ongoing outbreak of the Chinese Wuhan virus is keeping the greenback supported. The USD index is rallying firmly above the 97.42 level now and is testing bearish trend line resistance. This week, the focus will be on the FOMC and though the Fed is now expected to adjust policy, traders will be looking for signs of any possible action in the near future.
EUR Lower on USD Strength
EURUSD has been under heavy selling pressure again today as the rally in USD continues to weigh on price. EURUSD has now fallen out of the recent bullish channel and is eyeing a test of the 1.10 level next. Recent data weakness, along with rising global risks, is keeping EUR sentiment skewed to the downside for now.
BOE Meeting In Focus
GBPUSD has been a little weaker today also though still remains supported above the 1.2978 level for now...
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