US dollar
It is all about risk as the market tries to come to terms with the severity of the coronavirus outbreak and if the situation can really be controlled. The fear is that this may spread well outside the realms of Asia and impact other major economies globally.
The spike higher in the number of cases in South Korea and Italy are among the main talking points surrounding the coronavirus outbreak, and that is spreading fear across the market at the start of the new week.
The dollar is keeping firmer on the day as it keeps gains against most major currencies. The yen leads the way, but gains have largely eased, with USD/JPY rising from 111.22 during early morning trade to 111.57 currently.
Gold is arguably the standout performer as it keeps gains of over 1% but off highs earlier seen at $1,679.70 and is trading around $1,668 currently. Meanwhile, oil prices are taking a bit of a beating too as both Brent and WTI are down by over 2% to $57.05 and $52.15 respectively.
Looking ahead, the risk-off mood is expected to keep up in the European morning and during the week.
With the coronavirus updates likely continue to dominate the broader market sentiment, the German IFO Business Survey for February due at 09:00 GMT will grab some attention, as a lead indicator for the recession-battling economy.
An absence of UK data will keep Brexit headlines in the spotlight as British ministers are to sign the initial proposal by Tuesday. On the other hand, the second-tier activity numbers from the US Dallas Fed and the US Chicago Fed will be the keys to watch in the NA session.