Economic news

Dollar Jumps on Concerns Over COVID-19 Jitters

The U.S. dollar grew against Asian major peers on Thursday, as a sharp decline in the Japan’s yen called into question its safe-harbor status and pushed away investors from local assets.

dollar surgesPhoto: Flickr

One should mention, that all currencies, including the Aussie and the Indian rupee, were under pressure, while the market turned to the U.S. dollar amid worries about the impact of coronavirus.

China reported on Thursday a lowering in the number of new infested cases, but specialists warned that the Covid19 may spread even more easily than previously considered.

The Central Bank of China lowered its loan prime rate on Thursday, as expected, as part of measures to support the economy affected by the outbreak of coronavirus. However, the rate cut could not reassure investors.

The U.S. dollar reached its Thursday maximum level for six months against the Japanese yen, adding half of a percent to touch 111.78 at 0908 GMT.

The euro lost 0.11 percent versus the greenback, achieving  1.0796.

Meantime, the Chinese yuan dropped by 0.28 percent against the buck, to 7,0277. At the same time, the Australian dollar eased by 0,82 percent against its U.S. rival, to $0.662, previously reaching an 11-year low of $0.6630.

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree