SINGAPORE - Asian currencies slid on Monday as the rapid spread of the coronavirus outside China drove fears of a pandemic and sent investors to the safety of gold, dollars and the Swiss franc.
The World Health Organization is now worried about the growing number of cases that have no clear link to the epicentre of the outbreak in China. The Aussie carved a fresh 11-year low in early trade and the kiwi shed half a percent, before slightly recovering - along with the yuan - with news of four Chinese provinces lowering emergency restrictions.
Yet risk aversion, which also saw stocks tumble and gold and bonds rise, offered surprisingly little support to the yen. Against a basket of currencies, the dollar crept back toward an almost three-year peak touched last week, before soft economic data knocked it from its perch on Friday.
holders of short positions eagerly await the dawn
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