Home Forex Forex: Dollar Retreats as Safe-Haven Yen Jumps on Virus Fears

Forex: Dollar Retreats as Safe-Haven Yen Jumps on Virus Fears

4 min read
0
103

© Reuters.
© Reuters.

By Yasin Ebrahim

Invesing.com – The dollar fell Friday, paced by losses against safe-haven currencies like the yen amid fears of a global pandemic as Chinese health authorities showed little sign they have a grip on the outbreak.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.41% to 97.25.

The new coronavirus has spread to nearly 10,000 people worldwide and the death toll in China rose to 213, raising concerns over China’s ability to contain the outbreak, which could severely curtail global growth.

Against the backdrop of the coronavirus risk, investors have piled into safe havens like the yen and Swiss franc.

fell 0.49% to Y108.42 and fell 0.54% to 0.9641.

U.S. data, meanwhile, showing the ongoing weakness in manufacturing did little to support the greenback.

The Chicago Purchasing Managers’ Index (PMI) to 42.9, well below forecasts of 48.8. That was the lowest reading since September 2015, as the slump in manufacturing activity continues.

As a leading indicator of the U.S. economy, the Chicago PMI helps economists measure business activity and new orders.

Consumer spending, meanwhile, increased 0.3% in December, in line with forecasts.

With just hours to go until the U.K. leaves the EU, the added to gains from a day earlier, rising 0.69% to $1.3184.

The pound surged on Thursday in the wake of the Bank England’s decision to keep rates steady, with outgoing BoE Governor Mark Carney saying a cut would have risked inflation rising above the central bank’s target.

rose 0.46% to $1.1081 despite ongoing signs of weakness in the eurozone economy after a preliminary reading of fourth-quarter GDP fell short of forecasts.

added 0.26% to C$1.3243.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Forex: Dollar Retreats as Safe-Haven Yen Jumps on Virus Fears

Load More Related Articles
Load More By Money Bulletins
Load More In Forex

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Canadian Pacific welcomes STB’s approval of merger with Kansas City

2/2 © Reuters. The Canadian Pacific railyard is pictured in Port Coquitlam 2/2 (Reuters) &…