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Virus Has Impact On FX Markets

GBP weakened Tuesday morning due to increasing concerns about the spread of the deadly coronavirus and the negative impact it could have economically.

This led to trades selling off GBP and EUR to invest in more safe haven currencies such as USD & CHF. GBP dropped off by at least 0.5% against USD & EUR.

GBP weakened further against the EUR late on Tuesday as focus turned back onto Brexit with the UK leaving on Friday and officially starting negotiations for a Trade Deal.

Both French & German ministers warned that there is little time for the UK to agree a new trade deal with the EU leading up to the last senior EU meeting in Brussels.

U.S Consumer confidence rebounded more than anticipated in January and reached its highest level since August at 131.6. The main contributor to this was a positive assessment of the labor market along with increased optimism about future job prospects. This has led to a number of economists predicting the U.S economy will grow between 1.1% – 2% this year.

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