The behavior in currencies has re-aligned with the COVID-19 induced risk-off profile, this time kick started after no other than Apple downgraded its revenue guidance, attributing the setback to constrained iPhone supply and suppressed demand in China. This led to a cascade of selling pressure in those currencies most fragile to the Chinese growth story, that is, the Aussie and the Kiwi, while the Euro’s free-fall won’t stop either after a much worse-than-expected German ZEW readings, which reflects the the feared negative effects by German enterprises of the Coronavirus epidemic in China on world trade. However, the story of the day was the strong gains in Gold, surpassing the $1,600.00 mark. The USD continues to be the king of Forex, proven to be extremely resilient since the outbreak of the virus. The Yen has shown more two-way volatility through this same period, but it’s starting to catch a bid tone once again, recently rejected off a key test of support in the JPY index. The Pound, bolstered by healthy employment figures in the UK - the employment rate rose to a record high of 76.5% - has also been a beneficiary of the latest market drivers. Remember, the Pound has been very much immune to the unfolding COVID-19 drama so far, instead, it trades as a function of local economic fundamentals and Brexit/politics. Another currency that keeps displaying a great performance is the Canadian Dollar, so far unfazed by the pick up in risk-off, even if it’s hard to see the BOC retaining a neutral stance if global growth suffers and the price of Oil continues to fall as a result. Lastly, the Swissy is a currency that has been gradually debilitating, yet it finally found pockets of demand as the risk aversion kicked in.