SHANGHAI, Feb 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.
The US dollar index held steady on Monday and climbed to the highest level since October 8, 2019, at 99.211.
The Sterling pound fell against the US dollar as the UK and the European Union continue to play hardball with each other ahead of the official Brexit negotiations.
Britain’s chief Brexit negotiator David Frost commented that the UK wanted a free trade agreement similar to the one between the EU and Canada. However, top EU diplomats, including Ursula von der Leyen, the European Commission President, seem opposed to this plan.
The coronavirus outbreak continues to be the main risk factor, although there was no escalation in concerns that could trigger demand for safe-haven assets.
LME base metals closed mostly higher last night. Zinc added 1.2%, copper advanced 1.1%, nickel gained 0.8%, tin climbed 0.4%, while lead fell 0.1%, and aluminium lost 0.2%. The SHFE night trading session remained suspended to contain the spread of the virus.
China will release data on its social financing and M2 money supply for January, and the eurozone will publish data on its ZEW business climate index for February.