Sat, January 28, 2023

U.S. dollar declined. What about Asian currencies?

U.S. dollar declined. What about Asian currencies?

The U.S. dollar declined against the Japanese currency by 0.43% to 108.76 yen on Tuesday as concerns about the economic crisis wrought by the coronavirus pandemic kept many investors on edge.

The greenback also fell against the other currencies. It lowered by 0.33% to 0.9753 against the Swiss franc and dropped down to $1.0837 against the euro.

The sentiment about the U.S. dollar improved in Asia after the governors of New York and New Jersey pointed to signs that outbreaks in their states were starting to subside. However, some traders remain cautious.

Meanwhile, the pound recovered some losses against the dollar, but it still remains moderately weak. The sterling lowered after British Prime Minister Boris Johnson’s virus symptoms worsened. He is now in intensive care.

The pound increased by 0.38% to $1.2394 on Tuesday following a 0.3% fall on Monday. The sterling held steady at 88.21 pence against the euro.

Johnson was admitted to the hospital on Sunday night and has been undergoing coronavirus tests. According to Downing Street, he is still conscious, but his condition deteriorated in the early evening.

Johnson has asked Foreign Secretary Dominic Raab to deputize for him, as Britain has no formal succession plan should the prime minister become incapacitated.

What about the Asian currencies?

The Chinese yuan skyrocketed to a 1-1/2-week high against the U.S. dollar, boosted by further signs that the coronavirus outbreak is receding in China.

The Japanese currency, on the other hand, fell against the antipodean currencies. But analysts warned against reading too much into the yen’s movement.

Japan’s prime minister decided to announce a state of emergency on Tuesday to stop a rise in virus infections. According to Abe, the emergency will last around a month.

Meanwhile, the Australian dollar rose by 1% against the greenback, while the New Zealand dollar also gained 0.9% as investors preferred to buy currencies sensitive to risk.

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