Global Markets Losses Amid Coronavirus Risks

Dow, S&P, Nasdaq all drop more than 4% in largest one-day point declines on record!

Major stocks around the world suffered another round of considerable losses and uncertainty over the impact of the coronavirus in the markets. The Dow Jones fell by 1,100 points on Thursday and along with the S&P 500 and Nasdaq suffered the fastest correction in history.

The same impact has been seen in the currency markets, with the USD/JPY remaining at a three-week low near 108.90 while the Asian stocks and Treasury yields also slumped. Also, the AUD/USD sell-off continues and hits lowest since March 2009. The 11-year low and nears 0.6500 amid broad risk-aversion due to the fears the coronavirus pandemic will result in a marked slowdown in the global economy.

In the meantime, the Asian stocks have lost value as a result, and risk has been aggressively sold this week due to the fears of the coronavirus pandemic.

Moving forwards, it looks like the risk sell off will continue, which means Gold will remain in demand as a risk safe-haven.

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AUD/USD - More Risk of Downsides

AUD/USD has witnessed heavy declines and dropped to fresh 11-year lows, around the 0.6570 region.

This follows two days of no real direction for the pair, which has come under pressure during the Asian session on Wednesday.

The pressure is due to the deadly coronavirus virus outbreak and its impact on the Chinese economy which is a key factors that kept exerting pressure on the China-proxy Australian Dollar.

The pair’s inability to record any meaningful recover, despite global markets stability suggests that the bearish pressure could be far from being over.

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This Week's main events 10.02.2020 to 14.02.2020

Last week most notable events included the US Federal Reserve and Bank of England kept monetary policies at the same levels. Fed officials have noted the stability of the labor market and suggested that inflation would act as the main factor determining future changes in the nations interest rates. Investors continue to assess the risks of the further spread of coronavirus from China. Great Britain has officially left the European Union.

This Week’s Main Events

Monday
On Monday, the news feed will be calm enough:

• Consumer price index in China at 01:30
• Building permits in Canada at 13:30.

Tuesday
On Tuesday, investors will be focused on the following economic reports:

• UK GDP data at 09:30
• Manufacturing production in the UK at 09:30
• JOLTS job openings at 15:00.

Wednesday
On Wednesday, the Reserve Bank of New Zealand will announce its interest rate decision at 03:00 (GMT+2:00). It is expected that the regulator will keep the indicator at the same level of 1.00%.

• At 15:30, EIA crude oil inventories will be published in the US.

Thursday
On Thursday, investors will assess statistics from the US:

• Core consumer price index at 13:30
• Initial jobless claims at 13:30.

Friday
The trading week will end with the publication of the following economic reports:

• German GDP data at 07:00
• Eurozone GDP data at 10:00
• US retail sales statistics at 13:30.

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