The US Dollar rose against most of the G – 10 currencies, with the effect that the growing virus could negatively impact recovery in Asia’s export-oriented economies. While the number of dead increases to 132 in China, the Chinese government is increasing its efforts to control the epidemic.
Mizuho Bank Ltd. in Singapore Vishnu Varathan, director of the economy and strategy unit, said, “The dollar rose with a safe reflex caused by coronavirus. Here, FOMC comes into play. “There is an instinct to tend to interest sensitivity in the market, bond interest in the US is still attractive.”
The Bloomberg Dollar Spot Index (BBDXY) did not change much after seeing its highest level since Tuesday, December 9. The US 10-year interest rate was kept at 1.66 percent after rising 5 bp in the previous session.
Fed officials are expected to keep interest rates stable on Wednesday. The markets will see if the central bank will increase the interest it applies to the reserve surplus.
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