The market is still engulfed by coronavirus fears
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. Fear is trumping over greed to kick start the new week as the situation surrounding the coronavirus outbreak continues to make major headlines around the globe.
As you would expect, the virus is becoming more widespread as the days go by and the air of uncertainty associated with it is certainly gripping markets at the moment.
The coronavirus even seems to be taking a liking to the respective locations of the ForexLive crew too it seems. ;D
Anyway, looking ahead to the European morning, there isn't much on the data docket to shake things up so expect markets to continue reacting to the coronavirus situation. I would expect fear to keep any optimism in-check for the time being though.
But we'll see if there will be any positive developments to follow moving forward. Also, be wary of earnings season in Wall Street this week when evaluating risk. It is a big one because key tech companies will be reporting in the days to come.
0900 GMT - SNB total sight deposits w.e. 24 January
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
0900 GMT - Germany January Ifo business climate survey
Prior release can be found here. Given better developments recently, the readings here should continue to show a rebound in economic sentiment. However, this needs to be reflected in key data to reaffirm any potential recovery in the German economy this year.
0930 GMT - UK Finance December mortgage approvals
Prior release can be found here. The data measures only a proportion of the demand in the UK housing market - those which are approved by High Street Banks in the UK.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
Growing up, I was a Sacramento fan so I didn't really have an affinity for the Lakers. But as you grow older, you learn to appreciate more about people and the world. Kobe was an amazing athlete and a tremendous icon for the sport. A sad day for everyone. RIP.
