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John Wang
April 4 09:31

Forex update: coronavirus covid-19 significantly hit currency market

Pandemic shakes up the market.
The COVID-19 pandemic is heavily impacting the forex markets around the world. All major financial systems are experiencing difficulties, which are likely to continue for upcoming months.

Asian currencies - especially yuan and yen - have been especially unstable. The region has been the first to be hit by the coronavirus an its economies have been suffering the longest. The position of the Chinese currency has been undermined by the lulls in its supply chain.
US dollar remains the “safe haven” option for traders and attracts a lot of buyers. However, investors are seeking other options to diversify their stock. British pound also remains stable in its trading against the dollar.
Euro has already been impacted by Brexit by the time the pandemic started. Coronavirus only worsened the situation. EUR/CAD pair has been hit especially hard and seems to be getting worse. Australian dollar is also set to get worse.