Dollar jumps to 4-month peak amid coronavirus woes

The US dollar rose on Tuesday, to resume its rally after taking a breaker yesterday, jumping to a 4-month peak on strong demand, due to escalating fears over the coronavirus economical impact, especially after the US tech giant "Apple" trimmed its revenue guidance during Q1 this year.

The dollar index rose against a basket of major currencies by more than 0.1% to 99.28 points, after it opened at 99.19 and hit an intraday low of 99.14.

The US dollar lost 0.1% yesterday, its first loss in four days, to take a breather as the US markets were closed yesterday in observance of the Presidents Day.

The greenback gained 0.5% during the past week, its second straight weekly gain, after the release of successive strong economic data in the US.

The US tech giant, Apple, trimmed its revenue forecasts for the first quarter of this year, and attributed that to the coronavirus impact on Chinese sales.

This escalated market's fears over the coronavirus economical impact on major global companies, which spooked investors to focus on safer assets.

The dollar index gained about 2% so far in February, due to demand on the greenback as the best alternative investment in the Forex market, amid high risks after the coronavirus outbreak, in addition to a slowdown in most major global economies.