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US Dollar Trades Strong as Markets Still Cautious About Coronavirus

US Dollar Trades Strong as Markets Still Cautious About Coronavirus

Posted Wednesday, February 12, 2020 by
Arslan Butt • 1 min read

The US dollar continues to trade firm as markets continue to trade cautious about the state of the coronavirus outbreak and its potential impact on economic growth. At the time of writing, the US dollar index DXY is trading 98.75.

The dollar is also trading bullish over optimism about the state of the US economy after recent economic data releases. Meanwhile, the greenback did face some pressure after job openings slid to the lowest level in two years, even as hiring witnessed a slight improvement.

The death toll from the coronavirus outbreak has crossed 1,100 in China while the economy is slowing down as a result of the prolonged shutdown of factories and workplaces. Risk currencies have been experiencing severe sell-off lately over the prevailing market sentiment, as traders shift their focus towards instruments like the dollar and safe haven assets like the Japanese yen and Swiss franc.

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