How is the COVID-19 pandemic impacting the FX market?

Concerns regarding an acceleration in the spread of the virus have caused many of the world’s governments to put in place strict containment measures designed to allay its impact. Mainland Europe has been particularly hard hit and is now very much at the epicenter of the crisis. Italy, Spain and France are now on lockdown, having all experienced a large spike in the number of confirmed cases in the past couple of weeks.