The dollar checked its march higher on Tuesday, as investors sharply raised bets...
SINGAPORE - The dollar checked its march higher on Tuesday, as investors sharply raised bets that the growing fallout from the coronavirus outbreak would prompt U.S. interest rate cuts.
The Australian and New Zealand dollars were each about 0.2% stronger against the greenback. The Chinese yuan rose 0.2% and the Korean won mostly recouped heavy losses made on Tuesday. Almost all of the infections are in China but recent sharp rises in cases in South Korea, Italy and Iran sent markets into a tailspin on Monday.
“We’ve seen not only a repricing of Fed expectations, but a bigger re-pricing because the Fed is the one that can actually do something in terms of moving the cash rate,” he said.
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