US President Donald Trump is addressing the nation, noting that the World Health Organisation has called the spreading coronavirus a pandemic. Trump said that the United States will suspend all travel from Europe to the United States for 30 days starting on Friday in order to fight the coronavirus.

Key notes

Says US will suspend all travel from Europe to the US for next 30 days effective Friday at midnight.

Says travel restrictions will not apply to the UK.

Says recommending nursing homes to suspend all unnecessary visits.

Says he will take emergency action to provide financial relief for workers who are ill, quarantined or caring for others due to coronavirus.

Says this is not a financial crisis.

Says instructing small business administration to provide capital and liquidity to firms affected by the coronavirus, provide low-interest loans.

Says he is instructing treasury department to defer tax payments without interest or penalties for certain businesses, individuals impacted by the coronavirus.

FX implications

The US dollar fell across the board with the USD/JPY falliing to test the 104 figure and EUR/USD rising to test 1.13 the figure ahead of for what will come of the European Central Bank event later today where it will announce measures to support growth.