Global forex market

Amid a short working week in conjunction with President’s Day, the dollar climbed 0.75% to 99.865, marking a near three-year high. The broad strength in the dollar was supported by demand for safe-haven assets in view of the coronavirus conundrum. At the time of writing, China had reported a total of 75,765 confirmed cases and 2,236 deaths, while South Korea had become one of the worst affected places outside China, reporting more than 150 cases.

Besides, the dollar received additional impetus following the release of the Federal Open Market Committee or FOMC meeting minutes. The minutes highlighted that the Federal Reserve (Fed) members delivered an upbeat assessment on the economy, expecting consumer spending to remain on a firm footing and job gains to expand at a healthy rate. However, the Fed members expressed their concerns about the threat of the coronavirus outbreak, and also tensions in the Middle East.