JPY marked higher as downbeat news piles up...>

FOREX: JPY marked higher as downbeat news piles up

- Despite the Coronacount moderating in the Tuesday update, the acute economic

impact of China's anti-virus measures are now certainly being felt across

markets, with the JPY and CHF trading well, at the expense of EMFX. The first

warning shot came from yesterday's Apple update, in which the company cut its

quarterly outlook on supply constraints. On the fiscal side, both Singapore and

South Korea today hinted at considerable spending packages aimed at combatting

the slowdown at home.

- EUR again circles a multi-year low against the greenback following the ZEW

survey. The data missed forecast, with the respondents citing not only

Coronavirus but the fragility of the economy at the end of last year and

particularly weakness among exporters. The RBA's minutes release argued the case

for further rate cuts should the  economy worsen.

- US Empire Manufacturing today is the sole significant release and will be

carefully watched for any mirroring of the weakness seen in Europe and Asia

today. ECB's Panetta is also due to speak.