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China virus anxiety underpins safe-haven currencies


Thursday, 30 January 2020 08:07 WIB

DOLLARCurrencySafe Haven Yen


The dollar held near a two-month high against a basket of major currencies while the Australian dollar and the yuan were under pressure on Thursday as investors tried to shield themselves from assets that could be hit by China's virus epidemic.

The U.S. Federal Reserve, while keeping interest rates on hold as expected on Wednesday, also cited the virus as a source of uncertainty for the economic outlook.

As the new pneumonia-like disease spread quickly in China and many of its trade partners in Asia and Europe, the dollar is emerging as an ultimate safe-haven destination.

The dollar is the best performing currency among G10 currencies so far this month, with the dollar index rising 1.6% in January to hit a two-month high.

It last stood at 98.033, flat on the day but not far from Wednesday's two-month high of 98.037.

The yen and the Swiss franc, traditional safe-haven currencies, ranked a close second and third.

The yen traded at 109.06 yen per dollar, having gained 0.14% the previous day. The Japanese currency was down 0.3% against the dollar so far this month.

Source : Reuters


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