Asian session review: The yen resumed its decline against the US dollar

The US dollar rose slightly against the euro, while the yen fell markedly amid some weakening demand for safe haven currencies due to expectations that China will be able to contain the coronavirus epidemic.

The Chinese authorities have assured the population and the international community that they have taken extensive measures to prevent the spread of the coronavirus. Observers note that the transparency of actions taken by the Chinese authorities significantly distinguishes the situation from the SARS epidemic that broke out in 2003.

Statements made by Chinese authorities on Wednesday brought" some relief " to markets, said Rodrigo Catril, currency strategist at National Australia Bank. "We believe, however, that traders will exercise increased caution in the near future," the expert says.

As reported, an outbreak of pneumonia in the Chinese city of Wuhan was recorded in December (the first case was dated December 12), the causative agent was a previously unknown coronavirus. According to the latest data, the number of confirmed cases of infection with a new type of coronavirus in China has reached 440, nine people have died.