Forex Today: Coronavirus pandemic continues to back risk-off

Here is what you need to know on Monday, March 23rd:

The coronavirus crisis continues to dominate the headlines. The latest figures show that Italy Spain and the US have the most cases outside China, while the total death toll reached 13,664 worldwide. Europe remains the epicentre of the outbreak, but the number of cases in the US is also rapidly increasing.
The State of Emergency in Spain has been extended to April 11, and it seems likely that other countries will take similar measures, steepening the economic crisis and probably fueling demand for liquid dollar.
The US Federal Reserve has enhanced its swap lines with some other central banks. Germany, the UK and Australia all announced different stimulus measures to back business through the crisis. Further measures are likely to be announced in the upcoming days.
The greenback is the most demanded currency, and would likely retain its strength. EUR/USD fell to an almost 2-year low of 1.0637, and trades nearby, while the GBP/USD pair plummeted to a multi-decade low of 1.1409.
The USD/JPY pair surged to 111.50, its highest since February, settling below 111.00, maintaining its bullish potential as demand for the greenback overshadows yen’s safe-haven conditions.
Crude oil prices plummeted Friday, settling near weekly lows. Equities also suffered, with Wall Street ending near weekly lows.
Oil prices bounced on Friday, with spot finishing the week just below $1,500.00 a troy ounce.
Cryptocurrencies: A sea of red returns as weekend love disappears

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.