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US equity markets take notice of the coronavirus as fears of global slowdown emerge

Reports that the coronavirus is spreading from China to other countries is increasing fear that the impact could lead to a recession in the US. Investors are preparing for the worst by buying up US Treasuries which caused yield on 10-years to fall as much as 11 basis points, the lowest since 2016.

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  • FX Rates
    February 25, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.


  • USD
    Markets remain focused on the development of the coronavirus. The Bloomberg Dollar Index pared losses as the shift from slight risk-on moved back to risk-off.
    GBP
    Sterling rebounded 0.3% as risk sentiment shifts back to markets following the coronavirus-driven sell off. EU member state ministers are due to sign-off on a negotiating mandate for UK trade talks. The tension between the two regions is already rising.
    EUR
    With the spread of the coronavirus moving to Northern Italy, it causes major concern for economic growth in the region. The impact of the virus on Italy could throw the economy into a technical recession as soon as this quarter. The currency pair remains well under the 1.09 handle.
    CAD
    The Canadian dollar held steady after hitting its lowest levels this month. The loonie benefited from risk appetite returning to markets after the coronavirus-driven fall.
    ASIA/PACIFIC
    Concern over the coronavirus spreading in South Korea caused the JPY to pare losses. Markets are now pricing in a 10 basis-point cut from the BOJ in 2020 despite last week's surge in USD/JPY to highest levels in 10-months. This move shows a divergence in the currency pair and interest rate markets which historically tracked each other.
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For more analysis on FX markets or information regarding SVB's FX services:

Contact your respective SVB FX Advisor or the SVB FX Advisory Team at fxadvisors@svb.com.
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange

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Cate Camerota
WRITTEN BY
Cate Camerota

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