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GBP/USD: Coronavirus outweighing Brexit

Coronavirus’s fear factor is stronger than Brexit, that explains the rise of the cable as investors grapple with the dual fears. However, that may change, in the opinion of Yohay Elam from NDDFX.

Key quotes

“The spread of the respiratory disease in the US – as thousands are quarantined in New York – is weighing on markets. Money is flying into the safety of American treasuries, pushing yields lower and sending the dollar down.”

“The tone in Brexit talks has worsened once again. Michel Barnier, Chief EU Negotiator, said many difficult issues remain and he also expressed pessimism about striking a deal by year-end. Earlier this week, both sides sounded more upbeat.” 

“Later in the day, investors will take a break from both issues and will respond to the US Non-Farm Payrolls figures. The data for February is set to be upbeat, showing a gain of 175,000 jobs and a minor deceleration of wage growth to 3%.”

 

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