Coronavirus update: Italy locks down 16 million people to stop disease spread, EUR/USD negative

Giuseppe Conte, Italy's Prime Minister, has signed a decree that severely limits transport in the region of Lombardy – which includes Milan – and other northern provinces. The government attempts to stop the spread of coronavirus. The number of Covid-19 cases nears 6,000 with the death toll reaching 223.

The drastic step – that is in effect at least until April 3 – puts around 16 million people in lockdown, a quarter of the population in the eurozone's third-largest economy.

The signing, early on Sunday, is set to impact the euro negatively when trading resumes in Asia on March 9.