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The yen hit a seven-week high against the dollar, rising about 1.2% to 107.77, as investors fled to safe-haven currencies on fears of coronavirus spread outside China. Equities tumbled, with the S&P 500 on course for its worst week since 2008.
Yen strength and a firmer dollar-yen cross shift export competitiveness and Japanese feed-import costs, while risk-off sentiment weighs on commodity demand expectations.
cnbc.comReutersFeb 28, 2020Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
