Pip Diddy

The Coronavirus outbreak story was the main driver for USD, overshadowing a busy week of mixed U.S. economic data & the latest FOMC statement.

Sterling closed out the week at the top spot thanks to the Bank of England holding off from cutting interest rates as expected a few weeks ago.

Both EUR & CHF were net winners this week as global risk aversion pushed traders into lower-yielding / safe haven assets on Coronavirus fears.

With no major catalysts from Canada, Loonie traders moved off of global risk sentiment and counter currency flows. 

With no catalysts from New Zealand this week it was all about the Coronavirus story, which drove traders far away from “risk assets” like the New Zealand dollar.

Coronavirus fears had the Aussie seeing mostly red at the end of the week, despite some positive data from Australia. 

Japanese yen bulls saw almost nothing but green this week as Coronavirus fears had global traders fleeing to safe haven assets. 

With markets still focused on the coronavirus outbreak, I’m looking at this pullback opportunity to catch the AUD selloff against the euro.

Checking out AUD/JPY once again as the bears remain strong in the current risk-off environment, & ahead of more economic updates from Australia, China & Japan. 

The BOE is up today! Here’s why I’m looking at GBP/JPY for a potential trade over the next trading sessions.