Yen, franc climb as coronavirus uncertainty outweighs stimulus hopes

Yen, franc climb as coronavirus uncertainty outweighs stimulus hopes

03 Mar 2020 03:32 PM
 

The safe-haven Japanese yen and Swiss franc gained on the dollar on Tuesday, as investors tempered hopes for the impact of global monetary easing with concern about how much it can do to combat the economic damage from the coronavirus outbreak.

Global stocks and oil rallied on Tuesday, and safe havens -- gold, the yen, and the franc -- were standouts as risk appetite grew in anticipation of stimulus from central banks.

The dollar fell as much 0.5% to 107.67 yen and to 0.9573 francs citing an unnamed G7 official, that the G7 draft statement had no fresh fiscal or monetary pledges.