Dollar gains on upbeat manufacturing data, yuan declines over virus concerns

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The dollar steadied on Tuesday as a US manufacturing survey showed sudden recovery, but the yuan and AUD subdued due to wider virus outbreak concerns.

The dollar index gained 0.44% on Monday, last at 97.802, as the Institute for Supply Management reported a surprise rebound in factory activity in January after five months of slump.

The dollar gained 0.3%, at 108.62 against the yen. The euro slid 0.3%, at 1.1062 against the USD.

In Asia, focus centered on the virus outbreak as infected cases and death toll continue to rise.

Market economist Ayako Sera of Sumitomo Mitsui Trust Bank said that while investors are selling risk assets, some take their chances on bargain-hunting, as timeframe on containing the virus is still unknown.

Offshore yuan traded at 7.0127 against the dollar, slightly higher than the 7.0230 per dollar in European trade.

Elsewhere, the AUD fetched $0.6690 and the Sterling at $1.2999.

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