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- European session review: USD, CHF, JPY gain on coronavirus fears
European session review: USD, CHF, JPY gain on coronavirus fears
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Germany | IFO - Current Assessment | February | 99.2 | 98.6 | 98.9 |
| 09:00 | Germany | IFO - Expectations | February | 92.9 | 92.2 | 93.4 |
| 09:00 | Germany | IFO - Business Climate | February | 96.0 | 95.3 | 96.1 |
USD, CHF and JPY gain in the European session on Monday as the number of coronavirus cases outside China climbed, increasing fears over the coronavirus's impact on the global economy and making investors fleeing to safe-haven assets.
South Korea raised its coronavirus alert to the “highest level” on Sunday, with the latest surge in numbers bringing the total infected to more than 760, making it the country with the most cases outside mainland China.
Outside of Asia, Italy has been worst hit by the virus so far, with more than 200 confirmed cases and four deaths.
Meanwhile, China reported 409 new cases on the mainland, down from 648 a day earlier, taking the total number of infections to 77,150 cases; the death toll increased by 150 to 2,592.
World Health Organization (WHO) is now worried about the increasing number of coronavirus cases without any clear link to the epicenter of the outbreak in China.
Market participants expect the disruption from the coronavirus outbreak to hit global economic growth.
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