Yen firm, riskier currencies wobble as policymakers grapple with pandemic
TOKYO - The safe-haven Japanese yen ticked down and some risk currencies won a brief reprieve on signs of more economic support from policymakers, though choppy conditions on Tuesday underlined fragile confidence in markets frazzled by days of turbulence.
New Zealand said it would pump NZ$12.1 billion , or 4% of gross domestic product, into the economy to slow a contraction expected from business disruptions caused by the coronavirus outbreak. As a result, trading in most markets including foreign exchange is being driven more by loss-reduction and other position unwinding to reduce risks or make up for losses, rather than fresh bids, market players said.
The British pound is also under pressure, dogged by worries about not only Britain’s exit from the European Union but also its sizable current account deficit., down 0.2% and near a five-month low of $1.2203 hit in the previous session.MSCI emerging market currency index .MIEM00000CUS dropped 0.2%, staying at its lowest level since late 2018.
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