Yen surges as virus sparks demand for safety plays from bonds to gold – Gulf Today

Yen surges as virus sparks demand for safety plays from bonds to gold – Gulf Today

The yen gained as much as 0.5% against the dollar in European trading, clawing back some ground after what had looked set to be its worst week in 2-1/2 years.. In Japan, factory activity suffered its steepest contraction in seven years in the clearest evidence of the coronavirus' damaging effects.. Oil prices fell on Friday as a rise in new cases of coronavirus and weak Asian economic data fuelled uncertainty about the economic outlook and as major crude producers showed no rush to cut output.. "With Brent failing to breach the 60 level on Thursday, despite better-than-expected US oil inventory data, rising market uncertainty is dragging down oil prices on Friday," said UBS oil analyst Giovanni Staunovo.. China reported an uptick in new cases of coronavirus on Friday, with more than 200 people testing positive in two prisons.. Factory activity in Japan suffered its steepest contraction in seven years in February, hurt by fallout from the virus outbreak..