Dollar holds gains vs yen, virus risks dominate
SINGAPORE - The dollar held gains against the safe-haven yen on Wednesday as China’s response to the coronavirus outbreak raised hopes it could be contained, even as the death toll rose sharply.
Yet with more than 99% of confirmed cases confined to China, drastic quarantine measures in place and the central bank pouring trillions of yuan into the financial system, investors have partially unwound their recent flight to safety. Singapore’s central bank said on Wednesday that there is room for it to ease policy as the virus weighs on growth, sending the Sing dollar down about 0.8%, its steepest slide in two years.“It’s liquid trading ability means that markets may be expressing a lot of regional views via the Sing dollar,” said Vishnu Varathan, head of economics at Mizuho Bank in Singapore.
One of the reasons the virus has caused so much alarm is that much remains unknown about it, including the mortality rate and transmission routes. The severity of its economic impact, on the other hand, is becoming increasingly obvious.
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