The dollar held near a two-month high against a basket of major currencies while...
TOKYO - 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. The dollar is the best performing currency among G10 currencies so far this month, with the dollar index=USD rising 1.6% in January to hit a two-month high.The yen and the Swiss franc, traditional safe-haven currencies, ranked a close second and third., having gained 0.14% the previous day. The Japanese currency was down 0.3% against the dollar so far this month.“The overall market is neither clear-cut risk-on nor risk-off.
China’s economic growth may drop to 5% or even lower due to the coronavirus outbreak, possibly pushing policymakers into introduce more stimulus measures, a government economist said in remarks published on Wednesday.The Australian dollar fetched $0.6751, having touched a two-month low of $1.0992 in U.S. trade on Wednesday., above the one-month low of 6.9900 touched on Monday.ahead of the Bank of England's policy decision later in the day.
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