SINGAPORE - The yen was headed for its worst week in two-and-a-half years on Friday, as worries about the coronavirus’ spread in South Korea, Japan and Beijing drove funds from Asia to the towering U.S. dollar.
The virus has killed more than 2,200 people in mainland China and efforts to contain it have largely paralysed the world’s second biggest economy. On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported, bringing its total to 156 and raising further alarm about the epidemic.
“They’re thinking: ‘Maybe Swissy and gold are better’. So there is a little bit of scratching of heads, there’s no doubt about it,” he said, adding he was not yet prepared to abandon the idea of the yen as a safety play.The Korean won has lost about 2% and broke past 1,200 to the dollar this week. The Australian dollar is parked by an 11-year low and, along with New Zealand’s currency, has shed 1.5% for the week.
Should European Purchasing Managers’ Index data show similar softness, another round of dollar buying may be in the offing.
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