Forex - Safe-Haven Yen Little Changed as Equities Steady
By Alex Ho
Investin.com - The safe-haven yen was little changed against the U.S. dollar on Friday in Asia as equities steadied.
The USD/JPY pair last traded at 109.74 by 1:23 AM ET (05:23 GMT), down 0.03%.
Asian stocks traded mostly higher today as investors continued to monitor the latest development on the coronavirus outbreak.
China stunned the markets on Thursday by announcing a more than 15,000 increase in new infections of the coronavirus as it adopted a new method to diagnose the disease.
There are 4,823 new cases and 116 new deaths on Friday, according to the data released by Chinese officials.
Citing a poll of economists, Reuters said China's economy will likely grow at its slowest rate since the financial crisis in the current quarter
The People's Bank of China has set the Yuan reference rate at 6.9843 versus Thursday's fix at 6.9785.
The USD/CNY pair gained 0.1% to 6.9855.
Meanwhile, the U.S. dollar index inched up 0.1% to 99.007 after the Labor Department said overnight that its consumer price index rose 0.2%, in line with expectations last month, while the year-on-year CPI rose to 2.5%, topping forecasts for a 2.3% rise.
The GBP/USD pair was little changed at 1.3046. The pair climbed sharply after the shock resignation of Sajid Javid as Chancellor of the Exchequer, the U.K.'s chief finance official.He had been due to deliver his first annual budget in four weeks' time.