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Treasuries Move Sharply Higher Amid Coronavirus Spread

Treasuries moved sharply higher during trading on Monday, extending the strong upward move seen over the two previous sessions. Bond prices spiked at the start of trading and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 9.4 basis points to 1.377 percent. With the substantial decrease on the day, the ten-year yield ended the session at its lowest closing level in well over three years. The rally by treasuries reflected their appeal as a safe haven amid concerns about the spread of the coronavirus following a spike in the number of confirmed cases outside of China. South Korea announced a total of 231 new coronavirus cases earlier today, leading the government to raise the coronavirus alert to its highest level. A jump in confirmed coronavirus cases in Italy as well as new cases in Middle East countries like Iraq and Afghanistan also added to concerns about the outbreak escalating into a pandemic. Coronavirus news is likely to remain in focus on Tuesday, potentially overshadowing reports on home prices and consumer confidence. The Treasury Department is also due to announce the results of this month’s…

Oil Ends Sharply Lower On Virus Jitters

Crude oil prices plunged sharply on Monday amid rising concerns about the outlook for energy demand due to the rapidly spreading coronavirus outside China. According to reports, the number of new cases of coronavirus infection is rising in South Korea, Iran, Afghanistan and Italy. A report from Reuters, quoted Saudi Aramco CEO Amin Nasser as saying the coronavirus impact will be “short term”. This probably pulled oil prices from the day’s lows. West Texas Intermediate Crude oil futures for April ended down $1.95, or about 3.7%, at $51.43 a barrel, after falling to a low of $50.45 in the session. Brent Crude futures declined $2.20, or about 3.8%, to $56.30 a barrel. On Friday, WTI Crude oil futures for April ended down $0.50, or about 0.9%, at $53.38 a barrel. South Korea has raised its coronavirus alert to the “highest level” for the first time in a decade, following a rapid spike in cases over the weekend. Reports say the total number of cases so far in South Korea has risen to 763. Italy became Europe’s epicenter for coronavirus cases over the weekend. Iran has confirmed an uptick in infections. Italian bank Intesa Sanpaolo has reportedly decided to…

Gold Futures Settle Sharply Higher Again On Safe-haven Demand

Gold prices rose sharply on Monday as traders rushed for the safe-haven asset amid an escalation in worries about global growth following reports about the spread of the dreaded coronavirus outside China. According to Chinese officials, the virus has killed 2,592 people in China and infected 77,150 people. South Korea has raised its coronavirus alert to the “highest level” for the first time in a decade, following a rapid spike in cases over the weekend. Reports say the total number of cases so far in South Korea has risen to 763. Italy became Europe’s epicenter for coronavirus cases over the weekend. Iran has confirmed an uptick in infections. Italian bank Intesa Sanpaolo has reportedly decided to close 4 branches in the country as the government imposed strict quarantine restrictions in two northern “hotspot” regions close to Milan and Venice. Following the move, about 50,000 people cannot enter or leave several towns in Veneto and Lombardy for the next two weeks without special permission. Meanwhile, the World Health Organization said it is worried about the growing number of cases without any clear link to China. The dollar index, which was moving around 99.60 earlier in the day, dropped to 99.11 a…

Bank Of Israel Holds Rate Unchanged For Tenth Time

Israel’s central bank left the key interest unchanged for a tenth consecutive policy session, citing low inflation and weaker growth outlook. The Monetary Committee of the Bank of Israel decided to the rate unchanged at 0.25 percent. The previous change in the rate was a 15 basis point hike in November 2018. “The Monetary Committee’s assessment is that in view of the inflation environment in Israel, the monetary policies of major central banks, developments in the global economy and the risks to the domestic economy, and the development of the exchange rate, it will be necessary to leave the interest rate at its current level for a prolonged period or to reduce it,” the central bank said in a statement. The Committee is taking additional steps to make monetary policy more accommodative, the bank added. Regarding the coronavirus outbreak in China, the central bank said the event is casting uncertainty on the global as well as domestic economic outlook. Citing the prevailing assessment of global financial institutions that the outbreak is likely to be contained in the coming months and its economic impact is expected to be limited. Hence, the Bank of Israel expects no significant macroeconomic impact in Israel….

*Israel CB Holds Key Interest Rate Unchanged At 0.25%

Israel CB Holds Key Interest Rate Unchanged At 0.25% The material has been provided by InstaForex Company – www.instaforex.com…

*Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December

Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December The material has been provided by InstaForex Company – www.instaforex.com…

Canadian Dollar Falls As Oil Prices Plunge On Heightened Virus Fears

The Canadian dollar declined against its major trading partners in the European session on Monday, as oil prices tumbled on surging coronavirus infections in Italy and South Korea, triggering concerns about a global pandemic. Crude for April delivery fell $1.97 to $51.37 per barrel. While the number of infections rose in Italy and South Korea; Afghanistan, Bahrain and Kuwait confirmed their first cases. The Chinese government has decided to postpone the annual meeting of parliament that was scheduled to start on March 5. More than 160 cases were reported in South Korea and Italian cases soared above 150. Oil prices tumbled on fears that diminished economic activity will curb demand for energy. The loonie declined to near a 2-week low of 1.3308 against the greenback, from last week’s closing value of 1.3221. Versus the euro, the loonie was down at 1.4402, its lowest since February 13. Should the loonie falls further, it may find support around 1.35 against the greenback and 1.47 against the euro. The CAD/JPY pair fell to 83.62, marking a 5-day low. The loonie is seen finding support around the 82.00 region. The loonie dropped to a 4-day low of 0.8778 against the aussie, after rising…

Latvia Jobless Rate Steady In Q4

Latvia’s jobless rate remained stable in the fourth quarter, figures from the Central Statistical Bureau showed on Monday. The jobless rate was 6.0 percent in the fourth quarter, same as seen in the previous three months. In the corresponding quarter last year, the unemployment rate was 6.9 percent. The number of unemployed persons decreased by 1,000 persons to 57,900 persons in the fourth quarter. The youth unemployment rate among the 15-24 age group, rose to 10.1 percent in the fourth quarter from 11.3 percent in the preceding quarter. In 2019, unemployment rate was lowered by 1.1 percentage points to 6.3 percent from the last year. The youth jobless rate rose to 12.4 percent in 2019 from 12.2 percent in the last year. The material has been provided by InstaForex Company – www.instaforex.com…

Slovenia Output Prices Inflation Slows For Third Month

Slovenia’s output price inflation eased for the third month in a row in January, figures from the Statistical Office of the Republic of Slovenia showed on Monday. Output prices rose 0.3 percent year-on-year in January, after a 0.6 percent increase in December. Energy industry prices grew 11.4 percent annually in January, while those in the production of capital goods fell 1.1 percent. Producer prices for electricity and water supply rose by 15.2 percent and 8.5 percent, respectively. Manufacturing prices decreased 0.3 percent. On a month-on-month basis, output prices remained unchanged in January, after a 0.2 percent in the preceding month. The material has been provided by InstaForex Company – www.instaforex.com…