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Markets may continue to price in the possibility of aggressive easing as the coronavirus-led sell-off in the US and global equity markets are showing

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Currently, the futures on the Dow Jones Industrial Average are reporting a 0.30% drop. The index fell by nearly 2,000 points on Thursday, confirming its worst four-day losing run since the 2008 financial crisis. The dollar, therefore, may remain on the offer, while heading into the weekly close. On the data front, German jobs data and preliminary Consumer Price Index for February are scheduled for release. Across the pond, the US will report Personal Spending figure for January. The dollar may find bids if the equity market sell-off stalls and the spending figure betters estimates.

Tories maintain their ability to surprise the global markets and disrespect the European Union (EU) at the same time. The UK PM Johnson and Company showed readiness to start preparing for the no-deal Brexit if the EU-UK fail to agree on anything by June. However, a British legal expert said that the UK could accept the jurisdiction of the European Court of Justice (ECJ) despite no longer being a member of the EU. Following the mandate, the UK Express rolled out the news that the EU is relying on the German Chancellor Angela Merkel if the sides can’t agree to a deal by June. The reason is Merkel’s scheduled time for the bloc’s rotating presidency in July. The news mentioned, “An EU ambassador said both Berlin and Paris expect trade talks to miss the summer deadline set out in Boris Johnson’s lead negotiator David Frost’s mandate.” Elsewhere, coronavirus fears keep the global markets under pressure. Risk aversion is in full form amid expectations that the outbreak of the Chinese virus in the top-tier economies will push the US Federal Reserve and the rest towards further monetary easing. - FxStreet.com

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