Total number of confirmed US coronavirus cases now stands at 27, 9 deaths, up from 18 cases and 6 deaths on Monday
|Washington State Department of Health reports a total number of confirmed coronavirus cases now stands at 27, including 9 deaths, up from 18 cases and 6 deaths on Monday.
Market implications
Central banks are being cornered into a tight position due to the spread of the coronavirus. Earlier on Tuesday, the Federal Reserve cut interest rates by 50 basis points in consequent of an emergency meeting. We have seen unprecedented market volatility with the US 10-year yields falling to below 1% for the first time in history. The Fed is expected to do more and that's keeping the US dollar on the backfoot. However, the greenback could be expected to attract a safe haven flow as a coordinated effort from central banks will likely see additional action from other central banks.
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