U.S. Dollar Nears a Critical Level That May Trigger a Buying Spree
- Dollar gauge rises to highest since 2017, nears 100 level
- Greenback proves main haven as options traders bet against yen
Photographer: Andrew Harrer/Bloomberg
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The spread of the coronavirus has suddenly sparked foreign-exchange traders into action.
The dollar is emerging as the winner, heading toward a key psychological threshold that could supercharge a rally few saw coming at the start of the year. At the other end of the spectrum is the yen, which suffered its biggest two-day loss since 2017 after the threat of a Japanese recession sent hedge-fund buyers fleeing.