The coronavirus outbreak has left a major impact on the Japanese yen which has dropped to being traded at 109.06 against the dollar. The currency, which was seen as a safe-haven currency was previously traded at 108.72. 

ANZ Research’s Liz Kendall explained, “Uncertainty continues to weigh on markets with increasing concerns about the deadly and contagious coronavirus, which continues to spread.” The outbreak has started to spread since its start in Wuhan, which cases being reported in Australia, Singapore, South Korea and the United States. 

Fears of the outbreak paired with the negotiation of the Brexit trade deal have pushed the GBP/USD to be traded at 1.3050. Brexit remains to be unclear and traders are awaiting publications from the Bank of England on Thursday. 

As the Brexit deadline comes closer, British Prime Minister Boris Johnson was warned by the European Union not to bargain using the U.S. trade deal. British Home Secretary Priti Patel chose not to renovate the immigration system in order to suppress the amount of low-skilled migration.  

The EUR/USD is looking to recover from its longest weekly losing streak since November 2018, with investors hoping that the German IFO Expectations index could boost the pair. Eurozone PMI prints failed to leave an impact on the pair. 

This month, Markit Manufacturing for the Eurozone increase to 47.8 but hindered progression due to the Services PMI which fell to 52.2. Composite PMI did not change from 50.9. 

The outbreak in China gave the USD a safe-haven status.