The yen is leading gains, with yen pairs down to session lows currently
Risk was already a bit more tepid to start the session but the uneasiness surrounding the coronavirus outbreak is starting to rear its ugly head once again.
The news that Singapore has raised its alert level to 'Orange' - similar to the SARS epidemic - is giving risk another knock lower on the session currently. Hong Kong is also extending its work-from-home period for government staff by yet another week.
As such, safety flows are staying the course in the European morning session as we see US 10-year yields slip by 3.5 bps to 1.605% currently:
This is all keeping yen pairs bid on the session as we see USD/JPY linger near the lows around 109.83. Meanwhile, AUD/JPY is testing its 200-hour moving average and a break below that will see the near-term bias turn more bearish.
