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While speaking at an event in New York , Federal Reserve Vice Chairman Richard Clarida said that there was no reason to expect the economic expansion wouldn't continue at its current rate and noted that he didn't think a recession was imminent.

FTSE100 are in negative territory year-to-date as markets are heading for their biggest one-day fall in four months on fast-spreading China virus fears.

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The price of gold has been climbing in five waves on the monthly charts and could be on the verge of a correction. However, considering the geopolitical environment as well as the risks of a global pandemic of the Coronavirus.

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The Australian Dollar has remained under pressure, despite global stock markets having taken a turn higher as markets reappraise the US versus Iran standoff. A Caixin report saying that China will not increase its annual low-tariff import quotas for US agricultural produce raised doubts with regard to the yet-to-be-signed “phase-1” trade deal. There was also a research note from Citi analysts highlighting that upside Chinese data surprises have been diminishing since mid December. This appeared to weigh on the Aussie, which is widely seen as a liquid China proxy currency.

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Gold prices remain under pressure around $1,512.85 on Monday. In doing so, the yellow metal ignores the weekend news that should have been provided additional fuel to the safe-havens run-up beyond the nine-week high.

Cautious optimism surrounding the phase-one deal got another puzzle to solve during the weekend, which came from the South China Morning Post (SCMP). The Chinese media conveyed Beijing’s readiness to follow the promises on the condition that the US behaves seriously.