Growing coronavirus fears saw the dollar crowned the big winner in currencies last week, and analysts are expecting further rises — primarily due to a lack of alternatives.
, which measures the greenback versus a basket of major currencies, rose by around 0.8% last week, before slipping back Friday following some disappointing economic data. Since mid-January when the outbreak of the new coronavirus took hold, the dollar index is up over 2.5%, and on Monday was trading around 0.14% higher at 99.399.
In an outlook note entitled "The dollar way or the highway," ING strategists flagged an "alternative perspective" behind the recent dollar strength: "that investors are quintessentially lacking alternatives in the G-10 space." "A rebound in the most exposed currencies to China may still not be a story for next week , while grim data should keep JPY and EUR unable to recover," Francesco Pesole, forex strategist at ING, said in the note published Friday. "With no alternatives in G-10, the dollar can hold on to its throne for now.
The Japanese yen, for instance — traditionally viewed as another safe-haven currency — has been hit hard by the spread of the virus. Indeed, the strength of the dollar index last week was driven by a sharp move higher in
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