Safe Haven Currencies Take A Hit – 19 February, 2020

Signs of support from China’s officials to help the country bounce back after the outbreak of the coronavirus led more investors to drop the safe haven yen, leaving the Japanese currency at a nine month low versus the dollar.  It its biggest daily decline since August, the yen dropped 1.3%. Against the dollar, it traded just above a May 2019 low at 111.27 per dollar. The Swiss franc also dipped against the dollar and was last trading at 0.9841. The euro fell close to its lowest since April 2017 at $1.0810, while the pound was 0.6% down to $1.2924. Investors are remaining cautious as the future of the virus’s affect on the economy is still unknown, though a drop in daily cases, according to Chinas reporting, has many optimistic.