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Dollar Rises Amid Rising Worries About Coronavirus
The U.S. dollar gained in strength against most major currencies on Friday, due largely to its safe-haven appeal, after worries about the impact of the coronavirus resurfaced.
The dollar index, which rose to 97.95 a little before noon, eased a bit subsequently, but still stayed above the flat line. At 97.87, the index was up 0.18% in late afternoon trades.
Against the Euro, the dollar strengthened to $1.1030, up 0.23%, compared to Thursday’s close of $1.1054.
Against Pound Sterling, the dollar strengthened to $1.3078.
The Japanese Yen gained against the dollar, with a unit of dollar fetching 109.26 yen
The Aussie was down more than 0.3% against the dollar, at 0.6824. Against the loonie and Swiss franc, the dollar was stronger at 1.3145 and 0.9711, respectively.
The World Health Organisation said on Wednesday that the spread of the coronavirus in China cannot be declared a global health emergency.
The WHO said that the outbreak is an emergency for China, but it has not yet become a global emergency.
However, worries about the impact of coronavirus outbreak resurfaced after the Center for Disease Control and Prevention confirmed the second case of the virus in the U.S.
The CDC said the patient, a woman in her 60s, recently returned from a trip to Wuhan, China, and is currently doing well and in stable condition.
The public health agency said another sixty-three patients in twenty-two states are being monitored for signs of infection.
Meanwhile, according to reports, China has restricted movement of close to 46 million people in and out of cities near the center of the coronavirus outbreak. The country has also canceled Lunar New Year events as the number of infected cases is on the rise.
The material has been provided by InstaForex Company – www.instaforex.com
