European session review:JPY appreciates amid growing concerns about coronavirus outbreak

JPY appreciated against most major counterparts during the European session as demand for safe havens remains strong amid concerns about the economic fallout from the coronavirus outbreak in China. 

The latest reports from Chinese health authorities reveals that the outbreak has already killed 106 people and infected 4,515. The majority of the reported cases are in mainland China. 

Meanwhile, CHF, another safe-haven currency, traded mixed against its major rivals, hovering little changed against EUR, raising against GBP and slightly falling against JPY and USD. 

Aside from the coronavirus headlines, the franc was also slightly influenced by the Swiss trade data for December. The Federal Customs Administration reported Switzerland's exports fell by a real 3.4 percent m/m in December, following a 0.4 percent m/m decline in November. Meanwhile, its imports rose 0.2 percent m/m in December, after a 0.1 percent m/m drop in the previous month. On a q/q basis, exports fell by a real 2.3 percent in the fourth quarter, while imports declined 3.4 percent. As a result, the Swiss trade surplus rose to CHF 6.5 bln in the fourth quarter from CHF 5.8 bln in the previous quarter. In 2019, exports and imports recorded declines of 1.2 percent and 1.0 percent, respectively, and the trade surplus rose to CHF 37.3 bln from CHF 31.4 bln in 2018.

Elsewhere, GBP fell against its major counterparts following the release of the Confederation of British Industry's (CBI) survey of retailers, which showed retail sales volume balance stood at 0 in January 2020, unchanged from December 2019. That marked the third consecutive month of flat sales volumes. In addition, retailers expect sales volumes to remain unchanged (0) in the year to February. Economists had forecast the reading to increase to 3. The report also revealed that orders placed on suppliers decreased further in the year to January (to -17 from -10 in December), and are expected to decline at a similar pace next month (-19).