Global markets were broadly lower on Tuesday, February 24, after a slew of new cases of coronavirus was announced around the world
European Union ministers are meeting in Brussels to sign their negotiating mandate for the trade talks with the UK.
U.S. stock prices plunged dramatically on Monday as the number of coronavirus cases outside of China spiked, raising concerns that further global economic problems are yet to come.
Concerns that the Coronavirus is spreading hard and fast beyond the borders of China have pushed FX traders to the safe haven US Dollar, with the Australian Dollar and the Euro losing favor.
The German business sentiment index went up in February from the previous month’s 95.9 to 96.1, going against the analyst’s expectations who foresaw that the index was going to fall to 95.3.
Gold prices surged higher on Monday afternoon in Asia as global health officials confirmed a wider global reach of the coronavirus that had recently been thought to be contained mostly in Asia.
The Japanese Yen is on track to record its worst week in more than two years as concerns over the Coronavirus sent FX traders to the US Dollar as a safe haven asset.
A US Dollar this is gaining broad strength helped to send the Japanese Yen to a 10-month trough during London trade on Thursday.
The Japanese Cabinet Office recently released its monthly economic assessment. In the report, they claim that the economy was recovering at a moderate pace.
Despite continued optimism about the containment of the coronavirus and a decreasing number of new daily diagnoses, gold prices rallied further