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Long Short

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S&P 500 Sent Worrying Signal by Bond Market, USD/KRW Rises - US Market Open

S&P 500 Sent Worrying Signal by Bond Market, USD/KRW Rises - US Market Open

2020-02-21 13:30:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT S&P 500, USD/KRW, EUR/USD Analysis

Equity markets are a touch softer as investors continued to fret over the spread of the coronavirus. South Korea saw the number cases doubled overnight, which has coincided with South Korean 10yr yields plummeting by 21bps (most since 2012). As a reminder, with the BoK rate decision scheduled for Feb 27th, eyes will be on potential talk alluding to a pre-emptive, as was the case in the 2015 MERS outbreak.

S&P 500 Sent Worrying Signal by Bond Market, USD/KRW Rises - US Market Open

EUR: Modest gains for the Euro which hovers around the 1.0800 handle following a slew of better than expected from the Eurozone. Although, while the headline shows signs of life for the Eurozone manufacturing sector, the finer details suggest that the Eurozone is not out of the woods yet. IHS Markit noted that the outlook remains highly uncertain, notably in respect to the potential for further disruptions to supply chains, which does not bode well for next month’s release.

EUR/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 20% -6% 6%
Weekly 62% 8% 32%
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Bond Market Signals Cast Doubt Over Further Rise in US Equities

S&P 500 Sent Worrying Signal by Bond Market, USD/KRW Rises - US Market Open

Source: DailyFX, Refinitiv

S&P 500 Sent Worrying Signal by Bond Market, USD/KRW Rises - US Market Open

Economic Calendar (21/02/20)

S&P 500 Sent Worrying Signal by Bond Market, USD/KRW Rises - US Market Open

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. British Pound (GBP) Latest: GBP/USD Battling a Rampant US Dollar” by Nick Cawley, Market Analyst
  2. USD/MXN – US Dollar Shreds Mexican Peso, Major Reversal Coming?” by Paul Robinson, Currency Strategist
  3. Australian Dollar Forecast: Key AUD/USD Levels to Watch as Breakdown Unfolds” by Justin McQueen, Market Analyst

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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