Yen and euro climb as investors turn to safe currencies amid coronavirus fears
The Japanese Yen and the Euro climbed after U.S. treasury yields fell and export-sensitive currencies declined to multi-year lows on Monday, as caused by intensifying virus risks.
The Yen climbed over 3% to a day high of $101.69. The Euro soared over 1.4%, to a near two-year high of 1.1452 against the Dollar. The Australian and New Zealand Dollars both fell over 2%, with the AUD attaining an 11-year low.
The AUD and NZD both dropped over 5% against the Yen.
The confirmed cases of COVID-19 reached 107,000 globally, wreaking economic disruption. Market panic worsened due to a decline in oil prices, which fell over 20% after Saudi Arabia stated a plan to cut prices and raise production.
The 10-year U.S. Treasuries yield slid 0.5% amid investor appetite for safety of bonds.
The Mexican Peso dropped 6% against the Dollar; the Canadian Dollar slipped over 2%, to $1.3690; the Norwegian krone plunged 3%; and the Russian rouble slid 5%, its lowest in almost four years.