NEW YORK - The U.S. dollar slid to a seven-week low against the Japanese yen on Friday after Federal Reserve Chair Jerome Powell suggested the central bank could cut interest rates in the wake of the coronavirus.
Powell on Friday said the central bank will “act as appropriate” to support the economy in the face of risks posed by the coronavirus outbreak, though he said the economy remained in solid condition.was on track for its largest daily gain since May 2017 as investors moved into the safe-haven currency. It had strengthened to as high as 107.52 versus the dollar and was last trading up 1.51% at 107.92.
The yield on the two-year Treasury note US2YT=RR, which moves with expectations of changes in rate policy, has fallen by about 32.5% this week. “The yen is significantly stronger from where it was even last week, when I was hearing people saying that the yen wasn’t a safe-haven anymore. We’re now back to appropriate levels,” said Mark McCormick, global head of foreign exchange strategy at TD Securities.
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