 Asian markets went wild today, on the back of acceleration in coronavirus spread in Europe, as well as free falling oil on price war. Sentiments have never been hit that had for quite some time. Commodity currencies, as led by Australian Dollar, are the biggest casualties in the massive selloff. Yen and Swiss, to a slightly lesser extent Euro, record strong gains on safe haven flow. Dollar and Sterling are somewhat stuck in between. Gold struggles to gain and sustain above 1700 handle. Technically, the spikes break in AUD/USD and NZD/USD should be disregarded first. Focus remains on 0.6433 in AUD/USD and 0.6191 in NZD/USD. Firm break of these levels will confirm down trend resumption. AUD/JPY and NZD/JPY, however, are viewed slightly differently as both has resumed medium term down trend. Meanwhile, 1.1456 fibonacci resistance in EUR/USD and 0.8786 resistance in EUR/GBP will be the strong tests for the persistence of Euro's rally. In Asia, currently, Nikkei is down -5.64%. Hong Kong HSI is down -3.65%. China Shanghai SSE is down -2.73%. Singapore Strait Times is down -4.62%. Japan 10-year JGB yield is down -0.0289 at -0.175. DOW future is down over -1200 pts. Economic data are taking a back seat today and will continue to do so for the retest of the day. Japan Q1 GDP contracted more than expected by -1.8% qoq. Bank lending rose 2.1% yoy in February versus expectation of 1.9% yoy. Currenct account surplus narrowed to JPY 1.63T in January. Swiss unemployment rate, Germany industrial production and trade balance, Eurozone Sentix investor confidence will released in European session. Canada will release housing starts and building permits. | 
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