Safe-haven Yen, Swiss Franc surge; US dollar doddles as virus fret escalates

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Safe-haven Yen, Swiss Franc surge; US dollar doddles as virus fret escalates

On Friday, the 31st of January 2020, as death toll from China Wuhan coronavirus epidemic rises to 2013 and the WHO had declared a global health emergency, currencies and equities exposed to china trading went through a flurry of fearsome sell-off waves, while Australian Dollar alongside New Zealand Dollar extended their losses further to reach new multi-month lows and the safe-haven currencies such as Japanese yen alongside Swiss Franc snatched solid gains.

Aside from that, the US dollar greenback lost much of its footings on Friday (January 31st) as investors bet on safe-havens rose intransigently, while the American dollar index (DXY) measured against a basket of six major currencies on an average wrapped up Friday’s (January 31st) market 0.59 per cent lower to 96.97.

Besides, the Aussies fell to a four-month low against the US dollar to $6695, offshore Chinese Yuan breached the critical ‘7 per dollar’ level and the Kiwis lost 0.5 per cent to $6463, while the safe-have Japanese Yen added 0.5 per cent against its American peer to end the day at 108.35 yen per dollar, and the Swiss Franc, demands of which rose diabolically during the periods of global crises, rose to a two-week peak against its American counterpart to $0.9637.

Meanwhile, addressing to a gruelling financial impact of China’s coronavirus outbreak given Beijing’s stakes on global markets, a senior market strategist at York, Edward Moya said on Friday’s (January 31st) market wrap-up, “……It’s all about the virus and its impact on the Chinese economy and its trading partners."