Forex - Yen Gains On Weak Export Data, Virus Fears; Yuan Drops
Investing.com
Published Jan 23, 2020 01:19AM ET
By Alex Ho
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Investing.com - The Japanese yen gained on Thursday in Asia gained on Thursday in Asia amid weak export figures and fears about the mysterious virus in China.
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The EUR/USD pair inched down 0.1% to 1.1082 as traders awaited the European Central Bank (ECB) policy meeting due later in the day. The meeting will be followed bya press conference with President Christine Lagarde.
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The USD/JPY pair lost 0.3% to 109.53 amid ongoing fears about the widening coronavirus outbreak, as authorities ramped up efforts to contain the virus ahead of the weeklong Lunar New Year holiday next week.
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The World Health Organisation will decide later on Thursday whether to declare the situation a global health emergency.
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On the data front, Japanese exports for December fell 6.3% in December as compared to a year before, data from country’s Ministry of Finance data showed. That was far lower than the expected 4.2% decrease.
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The USD/CNY pair lost 0.4% to 6.9283.
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The Australian dollar rose 0.2% to 0.6858 after a surprise drop in unemployment.
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Meanwhile,the U.S. dollar index that tracks the greenback against a basket of other currencies last traded at 97.335, up 0.04%.
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The index traded higher overnight after the National Association of Realtors said pending home sales rose 3.6% to a 5.54 million annual rate. That was the strongest pace of growth since February 2018.
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Written By: Investing.com
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