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EU’s Gentiloni: There is no need to panic as coronavirus outbreak hits Italy

After a meeting of G20 financial leaders in Saudi Arabia on Sunday, the European Union (EU) Economic Commissioner Paolo Gentiloni offered some conciliatory remarks over a coronavirus outbreak in Italy.

Key quotes

“The EU has full confidence in the Italian authorities and the decisions they are taking.”

“We share concern for possible contagion (but) there is no need to panic.”

EUR/USD back in the red

EUR/USD is under pressure amid increased haven flows for the US dollar, as China’s coronavirus outbreak is spilling over rapidly across the globe, with South Korea, Italy and Iran having reported a spike in the new cases over the weekend.

At the press time, EUR/USD trades around 1.0820, down 0.20%, having failed the bounce near 1.0850.

USD/CAD: Buyers cheer WTI weakness, coronavirus outbreak above 1.3250

USD/CAD rises to 1.3265, up 0.36%, during the early Monday’s trading session. In doing so, the pair repeats its recent pattern of alternating gains wi
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EUR/USD trades below 200-HMA as Coronavirus grips Italy

The selling interest around the single currency is looking to gather steam amid reports stating a rise in the number of coronavirus cases in the north
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