This past week, economic data took a backseat to actions being taken by governments to contain the spread of the coronavirus pandemic which has crippled the world. In case you missed it, there was a lot of money involved.
Coronavirus
On this page, you will find our latest news and analysis of the Coronavirus, and how it is affecting the world’s financial markets. You will also find our Coronavirus map, and see which countries have confirmed cases of the Coronavirus (2019-cCoV).
Special Article: Revisiting SARS and How the New Coronavirus Outbreak Can Affect Financial Markets
Confirmed Coronavirus Cases
Coronavirus Map
The data for the map is complied by John Hopkins CSSE, and their sources are WHO, CDC, NHC, and DXY.
What is Coronavirus?
In January 2019, news of a SARS-like coronavirus hit the newswires. It began in the Chinese province of Wuhan and is said to have come from animals. Its symptoms include a runny nose, cough, fever, and difficulty breathing. In more severe cases, it can lead to kidney failure and death. Officially the new virus is called 2019-nCoV, and it quickly infected over 800 people in less than two weeks. The death toll also rose from 3 to 25 in a matter of days. Countries outside of China soon began recording cases of the coronavirus from Japan, Thailand, South Korea, the US, and Australia.
To curb the spread of the disease, the Chinese government imposed a travel ban for the city of Wuhan. It was a bold move considering that Wuhan is a large city of 11 million people and is considered a significant transport hub. Soon after, eight more Chinese cities were limited from travel.
Consequently, the infection sparked public fears. It did not take long for that fear to affect financial markets. Among those adversely hit was the Hang Seng Index. The proximity of the financial hub to the epicenter took its toll on stocks in the retail, transportation, and property sectors. The Shanghai Composite Index initially benefitted from the news thanks to increased sales by pharmaceutical and mask-producing companies. However, risk aversion quickly caught on, and the Chinese stock index began trading lower.
On the other hand, safe-haven assets like gold and the Japanese yen saw increased demand as fears of the coronavirus mounted.
Latest News
USDCAD Lifted Higher By BoC Rate Cut and Easing Crude Oil Prices
USDCAD is starting to stage a recovery from intraday lows of 1.39888, as easing crude oil prices helped weaken the Canadian Dollar’s advance on the greenback. Furthermore, Friday’s surprise 50 bps rate cut by the Bank of Canada (BoC) to 0.25% further helped to weaken the Loonie on the day. [...]
Premarket: Nasdaq 100 and S&P Futures Lower As Coronavirus Spread In USA
Nasdaq futures trading lower after a strong risk-on rally yesterday, despite a historic jobless claims announcement. Traders today await the 2 trillion relief package
GBPUSD Down As UK PM Boris Johnson Tests Positive for Coronavirus
The GBPUSD is down by about 60 pips as at the time of writing after the UK Prime Minister was reported by Sky News to have contracted the coronavirus. The 55-year old UK PM also confirmed his diagnosis in a tweet a short while ago, indicating that he was self-isolating [...]
EURGBP Jumped to 0.9092 After PM Boris Johnson Tested Positive for Coronavirus.
EURGBP jumped to 0.9092 after the news that PM Boris Johnson tested positive for Coronavirus. Boris Johnson over the last 24 hours has developed mild symptoms and tested positive for COVID-19. He is self-isolating, but he will continue to lead the government’s response via video-conference. Over the last 24 hours [...]
Apple Share Price Boosted by Positive Investor Sentiment
Apple share price action on the Nasdaq 100 is moving on a positive note today, as the stock has enjoyed patronage from investors in what has been a good day for the US markets. Despite the record increase in the number of unemployed people filing for benefits for the first [...]
EUR to GBP Exchange Rate Undecided as German GfK and UK Retail Sales Both Disappoint
The EUR to GBP exchange rate was little changed after the reports from Germany and the UK both disappointed market expectations. The currency pair is trading around its Asian session highs just above the 0.9600 handle following the release. EUR to GBP, 15-minute chart Read our Best Trading Ideas for...
Gold Price Bullish After Senate Passes the US Coronavirus Relief Package, Jobless Claims Ahead
While volatility on gold price has been limited in the last few trading hours, technicals on XAUUSD suggest that buyers may soon push the market higher. It may have something to do with the massive coroanvirus relief package that the US Senate just passed. Read our Best Trading Ideas for...
USDMXN Turns Lower Following Meteoric Rise of 38% from 2020 Lows
USDMXN is finally paring some of its gains after its meteoric rise. In February, the currency pair had been trading around 18.4970. Within 16 days, it traded to its record highs at 25.4459. This translates to a 38% appreciation. What caused the Mexican peso to devalue by this much? USDMXN,...
Upbeat US Flash Manufacturing PMI Data, Stimulus Hopes Lift S&P 500
Today’s upbeat US Flash Manufacturing PMI Data as well as hopes that the US Senate is close to passing a monumental stimulus bill is lifting market sentiment this Tuesday. The S&P 500 is up by 7.2% as at the time of writing, following feelers that the US Senate is close [...]
Watch Today’s Market Outlook
Video: Coronavirus Special
March 19, 2020
Video: Coronavirus Special: Key Indicators to Watch, Dow Jones, GBPUSD, DAX Index
Watch the recording of this exclusive webinar as we discuss what may happen next with the coronavirus crisis, and how our Chief Market Strategist, Alex Zambrano, is navigating the markets in his private trading account.
Our Best Trading Ideas for 2020
