What I have found out so far is that keyloggers, for example, can still capture what you type, even within the virtual machine.
I could not, however, find much information regarding other effects of an infection of the host system on the virtual machine. The keylogger thing alone could be easily circumvented by using something like the on-screen keyboard that comes with Windows.
If an attacker could just read whatever you type or copy into your clipboard from memory, however, you might not even bother. So I ask you: Is there a security benefit to using a virtual machine with a potentially compromised host machine?