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- Asian session review: the US dollar rose slightly against the major currencies
Asian session review: the US dollar rose slightly against the major currencies
During today's Asian trading, the dollar rose slightly, while other major currency pairs remained stable.
Meanwhile, the Australian dollar fell to a 3-month low against a basket of 10 major world currencies on fears of a new type of coronavirus spreading. The New Zealand dollar fell to its lowest level since December 11.
The virus may give the us dollar a boost in the coming days, according to Bank of New York Mellon analyst John Velis. The yen's outperformance is a logical response to the coronavirus outbreak, but "concerns about the spread" of the negative effects of the infection could weaken the Japanese currency and the Euro against the dollar in a few days, he said.
If the virus continues to spread, the question will be whether the yen can avoid sales amid concerns about transmission. This could speak in favor of strengthening the Euro, but "Europe is in an unstable position", its economy showed only tentative signs of passing the bottom, given the latest weak data from Germany, said Velis.
"If China ends up being half-closed for business, I see no reason to buy euros," he added.
The ICE Dollar index, which shows the value of the US dollar against six major world currencies, rose 0.03% compared to the previous day.
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