Daily summary: Global stocks push higher

• US stocks at new all-time highs

• UK’s economy stagnates amid Brexit

• EUR/USD breaks below 1.0900 support level

Coronavirus is still number one theme and certainly every investor follows the updates from China. As of Monday night, China’s officials confirmed 42,638 cases, meaning that there have been almost 2,500 new cases. More than 1 thousand people have died in the country so far. The pace does not seem to decrease as global chain supplies are at risk. 

Ironically, stock markets seem to forget about the deadly virus as the majority of global indices keep rising today. Surprisingly, even Asian markets tended to surge - HSCEI rose a staggering 1.45%. European markets are positive as well. Worth mentioning is the fact that DE30 has soared to new all-time highs and managed to maintain it throughout the session. Wall Street opened higher, with the S&P500 and the NASDAQ reaching fresh all-time highs as well. 

As far as economic data is concerned, British economy turned out to stagnate in the last quarter of 2019. Although the GDP increased 1,1% YoY (est. 0.8%), Britain's GDP was flat in the fourth quarter. The economic slowdown may be a clear sign of Brexit consequences. 

Today EUR/USD broke below the 1.0900 support level, which was the lowest level since September 2019. Even though the euro managed to rebound and is now trading above 1.0900, it was a strong signal that the US dollar may strengthen even more. Traders should pay attention to whether the 1.0900 support level will be broken again.

Tomorrow (02:00 AM GMT) The Reserve Bank of New Zealand will release the interest rate decision, which will particularly affect NZD traders. Moreover, EIA will publish crude oil inventories (04:30 PM), which should be crucial for oil markets. 

Today EUR/USD broke below the 1.0900 support level, which was the lowest level since September 2019. Source: xStation5