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The Japanese Yen on Friday rose to a one-month high after the reports of the virus spreading outside of China piled on concerns and sent investors retreating to safe-haven assets.
Hopes of the virus containment in China diminished after several cases were reported on different continents, prompting governments to take action.
The Yen jumped by half a percent to 109.03/USD, setting the greenback on a course to its worst week against the Japanese currency in more than 3 years.
Against the New Zealand Dollar, the Yen went up by 1.6% and against the Australian Dollar, it last bought for $0.6535 or 71.31 Yen.
"I'm not surprised it's reasserting itself," said Mayank Mishra, FX strategist at Standard Chartered in Singapore.
"The safe-haven Yen tends to do well even in scenarios when the Japanese economic outlook may be at risk. Unlike the Fed, which may be cutting rates, the Bank of Japan does not have that luxury - so the downward pressure on the currency from the yield channel does not materialize."
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
The dollar firmed on Thursday as a decline in Chinese retail sales worried investors, while the rest of the market anticipates the EU summit this weekend. The euro was down 0.1% to $1.1401, while the dollar stood at 106.95 on the yen. The ...
Asian share markets advanced on Wednesday as growing hopes about a coronavirus vaccine supported risk appetite. Meanwhile, the euro reached its four-month peak backed by the prospect of stimulus ahead of a crucial EU meeting. MSCI’s ...
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