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Virus Fears Heighten, BoC Turns Dovish, Norges Bank and ECB Take Their Turn


Asian markets tumbled overnight, while safe havens rallied as fears over a coronavirus spread grew ahead of the China’s Lunar New Year holidays. Yesterday, the BoC stood pat as was widely expected, but opened the door to a potential rate cut. As for today, the Norges Bank and the ECB take their turn in deciding on monetary policy.

Markets Trade “Risk Off” Again as Virus Concerns Grow

The dollar traded lower or unchanged against all but one of the other G10 currencies. It underperformed versus GBP, JPY, AUD and CHF in that order, while it was found virtually unchanged against EUR, NZD, NOK and SEK. The greenback gained only against CAD.

Although the picture is not crystal clear, the strengthening of the yen and the franc suggests that after the relief bounce during the Asian session yesterday, at some stage later in...

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Source: https://www.jfdbank.com/en/research/virus-fears-heighten-boc-turns-dovis-norges-bank-and-ecb-take-their-turn-20200123
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