Author George Hopkinson
Coronavirus continues to dominate global markets with risk aversion remaining firmly in place. Markets are reacting to each update on the virus’s spread, trying to estimate the potential financial impact of the disease on the global economy. Safe haven currencies and commodities remain well supported, while global equities are mixed after recent heavy falls.
The Australian Dollar has once again printed fresh lows overnight falling to levels only seen during the GFC. There is little, if any technical support for the currency between here and the depths of 2009.
The USD is remaining resilient despite talks of numerous FOMC rate cuts in 2020. The safe haven status of the greenback is truly on display. With COVID-19 not risking the US economy at this stage, all eyes will be on tonight’s US data releases.
On the domestic data front we have ANZ business confidence data this afternoon, which will be the first survey to capture the coronavirus impact. On the global front, the main focus will be on US Durable Goods and Q4 GDP numbers to be released overnight.
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