The slide in Treasury yields is dragging the dollar down with it


10-year yields are now down by nearly 5 bps to a record low just under 1.29% as the market continues to remain fearful about the coronavirus outbreak becoming a global pandemic.

The dollar is being dragged down with it as the market weighs up a Fed rate cut in April (pretty much fully priced in now) amid fears that the virus will start becoming more widespread in the US over the coming days/weeks.

USD/JPY has also eased back under 110.00 to 109.85, its lowest level in over a week.

European equities have also eased a little bit with major indices posting over 2% losses as the market turns towards being more risk averse to start the morning.

Meanwhile, the greenback is seen struggling across the board as it is now the weakest performing major currency on the day - pushing session lows against the euro, loonie, aussie and kiwi at the moment.