EU’s Gentiloni: There is no need to panic as coronavirus outbreak hits Italy

After a meeting of G20 financial leaders in Saudi Arabia on Sunday, the European Union (EU) Economic Commissioner Paolo Gentiloni offered some conciliatory remarks over a coronavirus outbreak in Italy.

Key quotes

“The EU has full confidence in the Italian authorities and the decisions they are taking.”

“We share concern for possible contagion (but) there is no need to panic.”

EUR/USD back in the red

EUR/USD is under pressure amid increased haven flows for the US dollar, as China’s coronavirus outbreak is spilling over rapidly across the globe, with South Korea, Italy and Iran having reported a spike in the new cases over the weekend.

At the press time, EUR/USD trades around 1.0820, down 0.20%, having failed the bounce near 1.0850.