USD/JPY Trading Flat as Risk Sentiment Deteriorates Over Continued Concerns About the Coronavirus Outbreak

The Japanese yen is trading somewhat steady against the US dollar as its safe haven appeal shines through over rising worries about the

USD/JPY Trading Flat as Risk Sentiment Deteriorates Over Continued Concerns About the Coronavirus Outbreak

Early on Monday, the Japanese yen is trading somewhat steady against the US dollar as its safe haven appeal shines through over rising worries about the coronavirus outbreak’s impact on economies beyond China. At the time of writing, USD/JPY is trading around 111.59.

After a slight improvement over the previous week, the sentiment soured all over again after countries like South Korea, Iran and Italy reported an increase in the number of infected cases and the death toll due to the virus. South Korea has already declared the highest alert as it tries to reign in the spread of the virus while other nations are also taking necessary measures, while the WHO and other authorities are unable to directly link the international outbreak to the epidemic in China.

The Japanese yen received some support as Asian stock markets dived lower even as safe haven instruments like gold and the US dollar received some bids. The gains in the yen as a safe haven remain limited, however, as markets worry about Japan’s possible risk exposure to the coronavirus due to its geographical proximity and close trading relationship with China.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers