Euro near 7-week low after ECB; virus fears support yen
Friday, 24 January 2020 08:51 WIB | CURRENCIES | Euro

The euro hovered near a seven-week low against the dollar on Friday after the European Central Bank was seen as more dovish than expected, while anxiety over China™s coronavirus outbreak propped up the safe-haven yen.

The euro stood at $1.1055, touching a seven-week low of $1.1036 hit in U.S. trade on Thursday after the ECB held interest rates steady and launched a broad review of its policy.

Concerns about the new disease bolstered the yen, which traded at 109.55 yen to the dollar, having risen to a two-week high of 109.26 on Thursday.

The Australian dollar fetched $0.68415, having erased all of the gains made after a firm payrolls figure the previous day, and was on track for a fourth consecutive week of losses.

Elsewhere, sterling traded at $1.3123, little changed on the day but up 0.9% so far this week as solid UK economic data prompted traders to wind back expectations of a rate cut by the Bank of England at its policy meeting next week.

Source: reuters

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