Best forex robot FOREX-Japanese yen gains as virus caution weighs - Reuters thumbnail

Best forex robot FOREX-Japanese yen gains as virus caution weighs – Reuters


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* Dollar index broadly flat, yen at 2-week high

* Yuan dips but hugs 4-month high

* Graphic: World FX rates in 2020 2RBWI5E(Updates pricing)

By Iain Withers

LONDON, July 10 (Reuters) – The dollar stopped briefly on Friday as issues about a surge in coronavirus infections in the United States and elsewhere supported the safe haven Japanese yen.

More than 60,000 brand-new COVID-19 cases were reported across the United States on Thursday, the largest single-day tally by any nation in the international pandemic up until now, discouraging some American customers from returning to public spaces.

Some Asia Pacific cities that had actually appeared to have consisted of the disease, such as Tokyo, Hong Kong and Melbourne, have seen alarming new spikes in infections, dampening the state of mind even more.

The caution assisted to drive the safe-haven yen up by nearly 0.5%to a two-week high of 106.72 per dollar.

” The Japanese yen has been trading within an extremely tight trading range throughout the crisis. We’re certainly back towards the bottom of that variety,” said Lee Hardman, currency analyst at MUFG.

The dollar gained in Asian trading hours but later on lost momentum, and was broadly flat against a basket of currencies.

The euro and British pound fought back to broadly flat after earlier losses.

The Chinese yuan was down about 0.1%at close to 7 yuan per dollar, having touched a near-four-month high of 6.9808 on Thursday.

The Chinese currency has gained practically 1%this week, supported by hopes of capital inflows as share prices rebounded after Beijing suggested it wants a healthy booming market.

Higher China financial obligation yields are likewise attracting foreign capital, said Dmitriy Vlasov, portfolio adviser at East Capital in Hong Kong.

” We have had quite a big inflows in the set earnings markets as interest rate differentials are likewise causing the appreciation of the yuan.” (Reporting by Iain Withers with Additional reporting by Hideyuki Sano in Tokyo; Modifying by Toby Chopra)