Yen, euro leap as investors flock to safety

Monday, 09. March 2020 07:42

The Japanese yen and the euro jumped sharply against the United States dollar on Monday with investors flocking to safe-haven assets as fears over the coronavirus outbreak continued to grip the markets.

Currently, there are more than 107,000 people who have contracted the virus around the world with the epidemic threatening to grind the global economy to a halt.

The panic was also spurred by a collapse in debt, equity and commodity markets, with the yield on Ten-year US Treasuries plunging below 0.5% for the first time and oil prices suffering the biggest percentage decline since the Gulf War.

The yen leaped 2.76% against the US currency going for 0.00941 at 1:40 am ET, after previously soaring over 3%. Meanwhile, the euro added 0.85% on the greenback, changing hands for 1.14053 at 1:41 am ET.

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Breaking the News / GG