Dollar, yen gain as investors turn to safety amid pandemic

The dollar broke a week of declines as the Japanese yen climbed on Monday, while restrictions around the world intensified and markets remained scrambling.

The dollar rose against the euro, pound, Australian dollar, and New Zealand dollar. The euro was down 0.5%, at $1.1082; the pound fell 0.7%, at $1.2371; and the Australian dollar last traded at $0.6134.

Meanwhile, the safe-haven yen climbed 0.5%, at 107.41 against the dollar. The dollar and the yen both gained against emerging market currencies.

On the weekend, the number of cases within the United States alone hit 137,000 with 2,400 deaths. Worldwide, total infections are at 723,000, with a death toll of 34,000.

Director of the National Institute of Allergy and Infectious Diseases, Anthony Fauci, said that the virus could kill 100,000 to 200,000 in the United States if mitigation was unsuccessful.

U.S. President Donald Trump extended social restrictions to April 30.

The yen climbed almost 1% against the Aussie and almost 2% against the Korean won.

The Chinese yuan slid 0.3% in offshore trade, to 7.1080 as the country’s central bank cut a key interbank interest rate by 20 basis points.