Commodity News
HeadLine : Dollar shines against euro, riskier peers as virus hit widens
Date : Feb 19 2020
The dollar stood tall over the languishing euro and heavily sold exporter currencies on Wednesday, as investors reckoned with a deepening economic fallout from the coronavirus. The new coronavirus has caused 2,004 deaths in China and infected more than 74,000 people, while measures to contain it have paralyzed the economy and the supply chains it feeds. The yield curve between U.S. three-month bills and 10-year notes inverted overnight, a bearish economic signal, and German investor confidence slumped as its economy stagnates, sending the euro cheaper than $1.08 for the first time since 2017. Both Antipodean currencies are heavily exposed to China, and both have lost roughly 5% against the dollar this year . Norway's krone, sensitive to the global growth outlook via oil exports, has shed 6% in 2020 and slumped to an 18-year low overnight. The single currency last bought $1.0796. Moves in major currencies were slight in morning trade. China says figures indicating a slowdown in new cases in recent days show the aggressive steps it has taken to curb travel and commerce are slowing the spread of the disease beyond central Hubei province and its capital, Wuhan.

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