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Novel Coronavirus Offset by Strong US Economic Indicators and Safe Status Perception

FX Markets and the USDJPY Rally to 108.00 to 108.50

The US is increasingly being viewed as a safe place for investors. This means that the virus issue spreading from China

US equity markets traded higher with both the S&P 500 and Nasdaq closing in positive territory today.Nasdaq was up about 2%. Earlier in the day all three major indices hit record highs. This comes whenFederal Reserve Chairman Jerome Powell spoke in front of the House Financial Services Committeesaying that the Fed was closely monitoring the current outbreak of coronavirus and the potential damagethat it could have on US and other economies. 


The fear of economic fallout has been offset by strong US payrolls and other positive economic releasesas well as a better understanding by Chinese officials in containing this virus. Even now some hedge fundmangers and owners are suggesting that the virus discussions may be overdone and some fear is notwarranted. 

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