Forex – Dollar Edges Lower as U.S. Reports First Case of Deadly Coronavirus | AFS Finance Group

Forex – Dollar Edges Lower as U.S. Reports First Case of Deadly Coronavirus

The dollar fell slightly Tuesday, pressured by losses against safe-haven currencies as the first case of the deadly Chinese coronavirus was reported in the U.S.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.07% 97.49.

The U.S. Centers for Disease Control and Prevention announced the first case of the coronavirus in the United States, CNN reported, citing a federal source outside the CDC.

The news followed earlier reports that the coronavirus in China had spread, raising fears that a widespread outbreak could disrupt tourism and hurt economic growth.

USD/JPY fell 0.21% to 109.95 and USD/CHF was flat at 0.968.

GBP/USD rose 0.36% to $1.306 on bullish labor market data showing better-than-expected U.K. wage growth and an unchanged unemployment rate at 3.8% in November.

EUR/USD fell 0.01% to $1.109 as better January German and eurozone ZEW data signaled that investor confidence was on the mend ahead of a crucial European Central Bank meeting later this week.

Some have suggested that euro will continue to lose ground against the dollar this year amid expectations that the European Central Bank will likely cut rates in September.

The ECB will likely lower interest rates by 20 basis points and expand its bond-buying program in September while the Fed will leave rates on hold this year, said Hubert de Barochez, economist at Capital Economics.

USD/CAD rose 0.15% to C$1.306

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