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 The U.S. dollar resumed its descent against the Japanese yen and Swiss franc on Wednesday as fears over the spreading coronavirus pushed investors into safe havens, while the British pound recovered after Bank of England unexpectedly cut interest rates.

Central banks and governments around the world are scrambling to limit the economic damage of the coronavirus outbreak, which has sent stock markets into a tailspin as investors head for the safety of government bonds.

Sterling initially fell as much as 0.4% against the dollar and 1.2% against the euro after the BoE's cut its benchmark rate by 50 basis points, to 0.25%. the pound rebounded as the move - including actions to support bank borrowing - reassured some investors. The pound rose to $1.2955 GBP=D3 , up 0.6% on the day.

Against the euro, the pound was last up 0.1% at 87.38 pence per euro. EURGBP=D3

Britain's finance minister, Rishi Sunak, is expected to direct further firepower at the British economy in his first budget later on Wednesday, expected at 1230 GMT.

The dollar was down particularly sharply against the safe-haven Japanese yen and Swiss franc. It lost 0.5% to 105.11 yen JPY= after earlier falling more than a full yen from Tuesday's high of 105.915.

The U.S. currency had fallen as low as 101.18 on Monday. While Japan may already be in recession, its currency usually rises at times of market stress because of the country's current account surplus and its net creditor status.

The Swiss franc gained 0.4% to 0.93595 franc per dollar CHF= . The euro also rose 0.4% to $1.13175 EUR= .

The dollar had jumped on Tuesday as investors hoped global monetary policymakers would offer further stimulus to offset trade and travel disruptions. But lack of clarity on what Washington will do has kept many investors on guard.

U.S. President Donald Trump said on Tuesday he would ask Congress for a payroll tax cut and other "very major" stimulus moves, but the details remain unclear. is too early to say the market sentiment has turned positive. Yesterday's rebound in the dollar and in risk assets is a type of a rebound you often see in a downtrend," said Shinji Ishimaru, senior currency analyst at MUFG Bank.

"In addition to economic measures, the focus will be on how much the U.S. can contain the infections to keep the economy going. That is a very big unknown," he said.

Money markets are fully pricing in a further 10-basis-point cut by the European Central Bank when it meets on Thursday. =ECBWATCH

The BoE rate cut follows similar moves by U.S. and Canadian central banks and put more pressure on the ECB to act, although it has limited room with rates already negative.

"The pound sold off initially on the aggressive move but the statement shows that their (BoE) action is co-ordinated with the Treasury and the measures include a package for lending," Jane Foley, senior currency strategist at Rabobank, said.

"Altogether the statement suggests lots of co-ordination. This is reassuring and should help limit the impact on the economy and that could also help support the pound."

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Indonesia's rupiah fell on Wednesday after the country reported its first coronavirus-related death, while other Asian currencies traded in a thin range due to the uncertainty over proposed government measures to limit the economic impact of the epidemic.

The market has been hoping for concrete details of U.S. President Donald Trump's promise for "very major" stimulus moves, but the lack of an announcement has left investors hanging. could set the direction of risk appetite, and thus Asian currencies, in the short-term. Markets are trading day by day, assessing the severity and spread of COVID-19 globally," said Chang Wei Liang, an FX strategist at Mizuho Bank.

The dollar fell more than 1% against the safe-haven yen JPY= FRX/ .

In Indonesia, the central bank governor said the outlook for economic growth this year could be lowered when it holds its policy meeting next week. rupiah IDR=ID dropped 0.3% after the country confirmed its first death due to the virus.

The government had also pledged fiscal support to help stimulate the economy, but economists questioned how much additional spending could be provided, given weak revenue collection so far this year. is imperative that policy-makers collaborate to roll out coordinated measures that are emphatic; leaving no doubts about the constructive solidarity of the global response," Mizuho bank analysts said in a client note.

Financial markets took a pounding on Monday after Saudi Arabia and Russia's price war triggered an oil price crash and deepened the gash caused by the coronavirus epidemic to the global economy.

Elsewhere, the South Korean won KRW=KFTC was little changed against the dollar. The country reported a jump in cases on Wednesday, compared with a day earlier where it saw a decline in the rate of new infections. Philippine peso PHP= and Thai baht THB=TH also fell.

The Indian rupee INR=IN , emerging from a holiday on Tuesday, advanced 0.4% after losing close to 1% over the last three days. The Singapore dollar SGD= and Chinese yuan CNY=CFXS also gained.

The ringgit MYR=MY gained 0.3%. The country's newly appointed prime minister said his cabinet will form an economic action council to tackle serious issues affecting the country's economy such as the drop in global oil prices and the outbreak. VS U.S. DOLLAR AS AT 0635 GMT

Currency

Latest bid Previous day Pct Move Japan yen

104.500

105.63

+1.08 Sing dlr

1.389

1.3914

+0.17 Taiwan dlr

30.068

30.036

-0.11 Korean won

1193.000

1193.2

+0.02 Baht

31.510

31.49

-0.06 Peso

50.523

50.45

-0.14 Rupiah

14380.000 14340

-0.28 Rupee

73.800

74.11

+0.42 Ringgit

4.230

4.242

+0.28 Yuan

6.946

6.9558

+0.14

Change so far in 2020

Currency

Latest bid End 2019

Pct Move Japan yen

104.500

108.61

+3.93 Sing dlr

1.389

1.3444

-3.22 Taiwan dlr

30.068

30.106

+0.13 Korean won

1193.000

1156.40

-3.07 Baht

31.510

29.91

-5.08 Peso

50.523

50.65

+0.25 Rupiah

14380.000 13880

-3.48 Rupee

73.800

71.38

-3.28 Ringgit

4.230

4.0890

-3.33 Yuan

6.946

6.9632

+0.25

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Oil prices plunge about 30%

* Malaysian ringgit drops to mark worst day in two-weeks

* Yuan expected to outperform the basket in 2020 - HSBC analyst (Adds text, updates prices)

By Anushka Trivedi

March 9 (Reuters) - Asian currencies weakened on Monday as investors sold off risky assets after a plunge in oil prices exacerbated concerns over economic fallout stemming from the coronavirus epidemic.

Saudi Arabia's decision to slash average selling prices and ramp up crude production after Russia backed away from making output cuts sent shockwaves through the markets and is likely to weigh on regional currencies, since the majority of them are net oil importers. O/R

Meanwhile, the number of coronavirus cases globally surged past 107,000 as the outbreak spread to more countries. Italy took drastic measures and sealed off large parts of the prosperous north of the country, including financial capital Milan. investors sought safer bets and pushed the Japanese yen JPY= up 3% against the dollar to a three-year high and the euro EUR= to a two-year peak. FRX/

U.S. 30-year treasury yields US30YT=RR sank below 1% and 10-year yields US10YT=RR under 0.5%, eroding the dollar's chief attraction as the markets upped their bets for further rate cuts by the Federal Reserve to mitigate the economic damage.

The Fed's move is expected to spill over to Asia, with Morgan Stanley (NYSE:MS) analysts expecting that "the majority of emerging market central banks will also cut rates further, taking global monetary policy rates to a new all-time low."

Malaysia, and oil importing nation Indonesia, saw their currencies lose nearly 1% against the dollar, while their respective stock markets also hit multi-year lows. .SO

The rupiah IDR= was on track to slide for a third straight session and Indonesia's 10-year government bond yield ID10YT=RR rose slightly. Malaysian ringgit MYR= dropped 0.9% and was on its way to mark a worst session in two-weeks. The country's new prime minister is due to announce his new cabinet later on Monday, a week after he was appointed amid a political tussle. South Korean won KRW=KFTC weakened as much as 1.3% to 1,207.20 against the dollar, prompting its finance ministry to issue a verbal warning against disorderly currency market movement. the world's third-biggest oil importer, saw its currency INR=IN decline 0.3%, while the Singapore dollar SGD= gave up about 0.5%.

The Chinese yuan CNY=CFXS pared early gains to trade 0.1% lower after reporting a larger than expected plunge in exports over the weekend. analysts at HSBC see the yuan benefiting from a dip in oil prices as nearly a quarter of its imports are commodity-related.

China's monetary policy will be closely watched, which has so far lagged the Fed's, and resulted in a record yield differential that is likely to support foreign inflows to its bond market, HSBC added.

"We believe the yuan will outperform the basket this year."

CURRENCIES VS U.S. DOLLAR AS AT 0518 GMT Currency

Latest bid Previous day Pct

Move Japan yen

102.560

105.3

+2.67 Sing dlr

1.385

1.3781

-0.46 Taiwan dlr

30.077

30.040

-0.12 Korean won

1205.300

1192.3

-1.08 Baht

31.530

31.41

-0.38 Peso

50.625

50.54

-0.17 Rupiah

14350.000 14220

-0.91 Rupee

73.975

73.73

-0.34 Ringgit

4.208

-0.90 Yuan

6.943

6.9342

-0.12

Change so far in 2020

Currency

Latest bid End 2019

Move Japan yen

102.560

108.61

+5.90 Sing dlr

1.385

1.3444

-2.90 Taiwan dlr

30.077

30.106

+0.10 Korean won

1205.300

1156.40

-4.06 Baht

31.530

29.91

-5.14 Peso

50.625

50.65

+0.05 Rupiah

14350.000 13880

-3.28 Rupee

73.975

71.38

-3.51 Ringgit

4.208

4.0890

-2.83 Yuan

6.943

6.9632

+0.29

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The safe-haven yen soared, the euro jumped after U.S. treasury yields dropped and export sensitive currencies fell to multi-year lows on Monday as coronavirus fears routed global markets.

The yen JPY= jumped more than 3% to a day high of 101.69 per dollar, its highest in three years and the sharpest daily jump since mid-2016.

The euro EUR= rose more than 1.4% to an almost two-year peak of $1.1452. The Australian AUD=D3 and New Zealand NZD=D3 dollars both lost more than 2%, with the Aussie hitting a fresh 11-year low.

Against the yen, the Aussie AUDJPY= and Kiwi NZDJPY= lost more than 5%.

"It is totally wild," said Shafali Sachdev, head of FX Asia at BNP Paribas (PA:BNPP) Wealth Management in Singapore. "Stops are being triggered at every level," she said.

"This is not a train I want to be getting in front of, and how long it continues and where it goes from here is going to depend on how the situation evolves," she added, saying further stockmarket falls could drive even bigger moves in funding currencies.

The number of people infected with the coronavirus has topped 107,000 across the world as the outbreak reached more countries and caused more economic disruption. panic was exacerbated by a collapse in oil prices, which dropped more than 20% after the world's top exporter, Saudi Arabia, vowed to cut prices and raise its production significantly. O/R

The yield on 10-year U.S. Treasuries US10YT=RR went under 0.5% for the first time, amid a rush for the safety of bonds.

That undermines the dollar by all but sinking one of the most popular carry trades globally - borrowing at negative rates in euro or yen to buy U.S. assets.

The yen's jump drew concern in Japan, with a senior finance official telling reporters that authorities were closely watching trade. the oil price fall made for withering drops in oil exporters' currencies.

The Mexican peso MXN= fell as far as 6% against the dollar. The Canadian dollar CAD=D3 fell more than 2% to 1.3690 per dollar, its lowest since 2017.

The Norwegian krone NOK=D3 shed 3% to hit a  record trough and the Russian rouble RUB= plunged by 5% to its lowest in nearly four years.

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There is an almost daily swing on market sentiment as traders grapple with the bigger picture implications of COVID-19. The dissemination of newsflow out of China is looking to be more positive. Although the total number of deaths has topped 2000, the numbers of daily new cases and deaths are now falling. Furthermore, the official information is that Chinese businesses are getting back to work following weeks of shutdown and quarantine. Traders are faced with a dilemma of whether they can rely on the official data. Levels of pollution and electricity usage have been often used as more reliable gauges in the past and will need to be watched as to whether they marry up with the official data. It does seem as though knee-jerk reactions to bad news (Apple’s revenue warning being the latest) tend to last for a day or so before traders refocus on the dovish leanings of central banks and a continued tendency to “climb the wall of worry”. For markets, there is a more settled outlook to sentiment forming today. Through all of this, the dollar remains a go-to destination of capital choice, whilst gold is also playing strongly. What is interesting though, is that sentiment on the oil markets has turned a corner, with an appetite to buy into weakness now increasingly prevalent.

Wall Street closed lower last night with the S&P 500 -0.3% at 3370. However, with US futures looking perky today, around +0.3% back higher, this is allowing a decent Asian session (Nikkei +0.9%, Shanghai Composite -0.3%). European markets are taking this positively, with FTSE futures +0.7% and DAX futures +0.6% pointing to decent early gains today. In forex, there is a positive risk skew to majors, with JPY underperforming and a rebound for AUD and NZD. Once more we see EUR supported early in the European session, but can the cycle of sell-offs be broken and be translated into a recovery?  In commodities, gold continues to climb higher by +$3 (+0.2%), whilst oil is also supported and is over half a percent higher.

The key data on the economic calendar kicks off with UK CPI at 0930GMT. Headline UK CPI is expected to fall by -0.4% in January but this would still mean a year on year improvement to +1.6% (from +1.3% in December). Core UK CPI is expected to drop by -0.6% on the month but the year on year reading is expected to increase slightly to +1.5% (from +1.4% in December).  Into the afternoon, the focus is on inflation for the US, but this time it is the PPI, or factory gate inflation. US PPI is at 1330GMT and is expected to see headline PPI increase to +1.6% in January (from +1.3% in December), whilst core PPI is expected to pick up to +1.3% (from +1.1% in December). US Building Permits at 1330GMT are expected to increase slightly to 1.450m (from +1.420m in December). US Housing Starts are expected to fall to 1.425m (from 1.608m in December). The FOMC minutes for the January meeting are at 1900GMT where the focus will be on what the Fed had to say about the impact of the Coronavirus and inflation.

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The Japanese yen fell against the U.S. dollar on Wednesday in Asia, while the Chinese yuan inched up as traders continued to focus on developments on the coronavirus front.

The USD/JPY pair gained 0.2% to 110.04 by 1:30 AM ET (05:30 GMT) as the Japanese yen lost some safe-haven appeal due to the uptick in Asian stocks today.

The USD/CNY pair rose 0.1% to 7.0012. The People's Bank of China (PBOC) has set the Yuan reference rate 7.0012 at versus Tuesday's fix at 6.9826.

Meanwhile, the US dollar index that tracks the greenback against a basket of other currencies inched up 0.1% to 99.370.

The Hubei province reported 132 deaths for Feb. 18. So far, China has 74,186 confirmed cases of the virus, according to government data.

While the new cases in Hubei fell for a second day, the World Health Organization cautioned that "every scenario is still on the table" in terms of the epidemic's evolution, and that it was too earlier to know if the epidemic was being contained.

"The market is trying to model itself on coronavirus and it's struggling really hard to understand how that goes and that's pushing capital in to the U.S.," said Chris Weston, head of research at Melbourne brokerage Pepperstone, in a Reuters report.

"The U.S. remains that least-dirty T-shirt, the best house in a fairly shabby-looking neighborhood. As a destination for capital, it's still the light that you look for."

The EUR/USD pair steadied at 1.0793 after falling to near a two-year low yesterday as investor sentiment in Germany deteriorated more than expected in February, adding to concerns about the ongoing weakness in the euro zone.

The Japanese yen fell against the U.S. dollar on Wednesday in Asia, while the Chinese yuan inched up as traders continued to focus on developments on the coronavirus front.

The USD/JPY pair gained 0.2% to 110.04 by 1:30 AM ET (05:30 GMT) as the Japanese yen lost some safe-haven appeal due to the uptick in Asian stocks today.

The USD/CNY pair rose 0.1% to 7.0012. The People's Bank of China (PBOC) has set the Yuan reference rate 7.0012 at versus Tuesday's fix at 6.9826.

Meanwhile, the US dollar index that tracks the greenback against a basket of other currencies inched up 0.1% to 99.370.

The Hubei province reported 132 deaths for Feb. 18. So far, China has 74,186 confirmed cases of the virus, according to government data.

While the new cases in Hubei fell for a second day, the World Health Organization cautioned that "every scenario is still on the table" in terms of the epidemic's evolution, and that it was too earlier to know if the epidemic was being contained.

"The market is trying to model itself on coronavirus and it's struggling really hard to understand how that goes and that's pushing capital in to the U.S.," said Chris Weston, head of research at Melbourne brokerage Pepperstone, in a Reuters report.

"The U.S. remains that least-dirty T-shirt, the best house in a fairly shabby-looking neighborhood. As a destination for capital, it's still the light that you look for."

The EUR/USD pair steadied at 1.0793 after falling to near a two-year low yesterday as investor sentiment in Germany deteriorated more than expected in February, adding to concerns about the ongoing weakness in the euro zone.

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The dollar stood tall over the languishing euro and heavily sold exporter currencies on Wednesday, as investors reckoned with a deepening economic fallout from the coronavirus.

The new coronavirus has caused 2,004 deaths in China and infected more than 74,000 people, while measures to contain it have paralyzed the economy and the supply chains it feeds.

Apple Inc (O:AAPL) has warned it will probably miss its March quarter sales guidance amid disrupted production and shopping habits. Car makers are idling plants for lack of parts.

The yield curve between U.S. three-month bills and 10-year notes inverted overnight, a bearish economic signal, and German investor confidence slumped as its economy stagnates, sending the euro cheaper than $1.08 for the first time since 2017.

"The market is trying to model itself on coronavirus and it's struggling really hard to understand how that goes and that's pushing capital in to the U.S.," said Chris Weston, head of research at Melbourne brokerage Pepperstone.

"The U.S. remains that least-dirty T-shirt, the best house in a fairly shabby-looking neighborhood. As a destination for capital, it's still the light that you look for."

Against a basket of currencies, the greenback is sitting by a four-month high at 99.452 (=USD). It touched a one-week high against the Australian and New Zealand dollars overnight.

Both Antipodean currencies are heavily exposed to China, and both have lost roughly 5% against the dollar this year . Norway's krone, sensitive to the global growth outlook via oil exports, has shed 6% in 2020 and slumped to an 18-year low overnight .

The euro (EUR=) has fallen 3.7% amid increasing signs of divergence between the European and U.S. economies.

The single currency last bought $1.0796. Moves in major currencies were slight in morning trade.

China says figures indicating a slowdown in new cases in recent days show the aggressive steps it has taken to curb travel and commerce are slowing the spread of the disease beyond central Hubei province and its capital, Wuhan.

That has not stopped worries mounting, with hedge funds turning to proxies from railway movements to port activity and air pollution to try and gauge how much production remains offline.

Gold is sitting above $1,600 an ounce for the first time since U.S.-Iran tensions in the Middle East sent it spiking in early January . Priced in euros, gold's value jumped almost 2% to a record high overnight (XAUEUR=R).

Investors are looking to the minutes from the Federal Reserve's January meeting, due to be released at 1900 GMT, for insight in to the Fed's thinking about virus risks.

European purchasing managers index numbers and part-month Korean export figures, both due on Friday, are also going to be closely watched for the first hard signs of economic impact.

"We assess the risks are firmly skewed towards the negative effects of COVID-19 lasting longer," Nomura analysts wrote in a note, using the World Health Organization's designation for the illness caused by the coronavirus.

"Therefore, we maintain our cautious view through positions in long USD/THB, long USD/CNH, long USD vs GBP, NZD and long AUD/NZD."

China's yuan was last steady at 7.0017 per dollar in offshore trade .

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The dollar stood tall over the languishing euro and heavily sold exporter currencies on Wednesday, as investors reckoned with a deepening economic fallout from the coronavirus.

The new coronavirus has caused 2,004 deaths in China and infected more than 74,000 people, while measures to contain it have paralyzed the economy and the supply chains it feeds.

Apple Inc (O:AAPL) has warned it will probably miss its March quarter sales guidance amid disrupted production and shopping habits. Car makers are idling plants for lack of parts.

The yield curve between U.S. three-month bills and 10-year notes inverted overnight, a bearish economic signal, and German investor confidence slumped as its economy stagnates, sending the euro cheaper than $1.08 for the first time since 2017.

"The market is trying to model itself on coronavirus and it's struggling really hard to understand how that goes and that's pushing capital in to the U.S.," said Chris Weston, head of research at Melbourne brokerage Pepperstone.

"The U.S. remains that least-dirty T-shirt, the best house in a fairly shabby-looking neighborhood. As a destination for capital, it's still the light that you look for."

Against a basket of currencies, the greenback is sitting by a four-month high at 99.452 (=USD). It touched a one-week high against the Australian and New Zealand dollars overnight.

Both Antipodean currencies are heavily exposed to China, and both have lost roughly 5% against the dollar this year . Norway's krone, sensitive to the global growth outlook via oil exports, has shed 6% in 2020 and slumped to an 18-year low overnight .

The euro (EUR=) has fallen 3.7% amid increasing signs of divergence between the European and U.S. economies.

The single currency last bought $1.0796. Moves in major currencies were slight in morning trade.

China says figures indicating a slowdown in new cases in recent days show the aggressive steps it has taken to curb travel and commerce are slowing the spread of the disease beyond central Hubei province and its capital, Wuhan.

That has not stopped worries mounting, with hedge funds turning to proxies from railway movements to port activity and air pollution to try and gauge how much production remains offline.

Gold is sitting above $1,600 an ounce for the first time since U.S.-Iran tensions in the Middle East sent it spiking in early January . Priced in euros, gold's value jumped almost 2% to a record high overnight (XAUEUR=R).

Investors are looking to the minutes from the Federal Reserve's January meeting, due to be released at 1900 GMT, for insight in to the Fed's thinking about virus risks.

European purchasing managers index numbers and part-month Korean export figures, both due on Friday, are also going to be closely watched for the first hard signs of economic impact.

"We assess the risks are firmly skewed towards the negative effects of COVID-19 lasting longer," Nomura analysts wrote in a note, using the World Health Organization's designation for the illness caused by the coronavirus.

"Therefore, we maintain our cautious view through positions in long USD/THB, long USD/CNH, long USD vs GBP, NZD and long AUD/NZD."

China's yuan was last steady at 7.0017 per dollar in offshore trade .

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EURUSD appears to have slowed slightly – with the development of an inverted hammer pattern – ahead of the April 2017 gap of 1.0820 – 1.0777 following a descent, which deflected off the 50-day simple moving average (SMA) around 1.1095.

The short-term oscillators, although still negative, are showing a marginal increase in positive momentum. The MACD is deep in the negative region and below its red trigger line, though smoothing slightly, while the RSI has made a minor improvement in the oversold territory. That said, the nearing bearish cross of the 100-day SMA by the 50-day one and the distancing of the downward sloping Tenkan-sen from the blue Kijun-sen line, all suggest, that maybe the downward move may endure a while longer.

To the downside, immediate support could come from the April 2017 gap from 1.0820 to 1.0777, which also encapsulates the 1.0793 level, this being the 123.6% Fibonacci extension of the up leg from 1.0878 to 1.1238. A successful dive beneath this barrier could encounter the 138.2% Fibo extension of 1.0741 and if the bears persist, the 161.8% Fibo extension at 1.0655 may be next to draw traders’ attention.

Otherwise, if buying interest picks up, initial resistance could come from the 1.0878 level from October 2019 ahead of a limiting region from 1.0925 to 1.0940. Overrunning this, the 1.0991 inside swing low could deter the pair from testing the area of the upcoming bearish cross of the 50- and 100-day SMAs currently around 1.1058. Clearing this too, the 1.1095 high and the 200-day SMA at the Ichimoku cloud, may prove difficult to surpass.

Overall, in the very short-term, the market is strongly bearish if the pair remains below the 1.0878 low, while a move back above this level could turn it back to neutral.

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