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As broader gauges of implied currency volatility remain near all-time lows, pockets of turbulence are emerging in a potential signal that the foreign-exchange market could be less stable in 2020.

Take the yuan. After rising more than 1.5 per cent in the month prior to the January 15 signing of the US-China trade agreement, the currency has relinquished those gains amid concerns that Chinese growth could stumble as the coronavirus spreads. Singapore, a key financial hub, is seeing historic price swings due to angst around the outbreak.The uncertainty has helped lift Asian currency volatility to its highest level in six months and the greenback to a two-month high, a development that could rekindle efforts by the US administration to "talk down" the dollar.

In addition to anxiety about growth, the yuan may also sway more freely due to a clause in the phase-one trade deal that reaffirms commitments to refrain from competitive devaluation, said Alan Ruskin, Deutsche Bank's chief international strategist.

China "will have a harder time in general containing volatility if the US is on the lookout for intervention, or surrogate intervention," Ruskin said by phone.

Both the Australian dollar-yen and New Zealand dollar-yen are "risk blow-up pairs" and can be used as proxies for capturing potential volatility in Asia, Ruskin said. One-year volatility in both pairs is relatively cheap compared to most other Group-of-10 peers, he said.Record low implied volatility in Europe's common currency against the US dollar may have an outsized impact on depressing broader gauges of price swings. But it doesn't mean the euro isn't subject to choppiness elsewhere. Implied volatility in euro-Swiss franc, a barometer of global risk appetite, has climbed to a premium to euro-dollar volatility. At the lowest in more than two years in the spot market, euro-franc is teetering near a key technical level, a breach of which could spark a sharp move lower by the common currency.

Meanwhile, Eastern European currencies have also seen price swings as central bank policy rates diverge. On Thursday, the Czech central bank unexpectedly raised rates 25 basis points to 2.25 per cent to tame inflation pressures.

Whether these pockets of turbulence spread to the broader market could depend on several factors. To be sure, volatility may not return to levels seen a decade ago should central banks continue to actively use their balance sheets to manage liquidity issues or regulatory barriers to capital movement arise.

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The U.S. dollar was little changed on Tuesday in Asia ahead of Federal Reserve Chairman Jerome Powell’s testimony later in the day.

The U.S. Dollar Index that tracks the greenback against other currencies last traded 98.748, up 0.03%.

Powell will testify before Congress on Tuesday on Wednesday. With the global economy bracing for a potential slowdown due to the coronavirus outbreak, traders will focus on Powell’s take on the fallout and see if he would downplay the impact of the coronavirus.

The EUR/USD pair was near flat at 1.0909. Yesterday, the euro fell to a four-month low after data showed Euro area investor confidence missed estimates. Investors are worried that the euro area economy will weaken further as the coronavirus continues to spread rapidly.

"The coronavirus and its impact on the global supply chains is seen as a much bigger issue for Germany than for the U.S., thus EUR/USD pair is under pressure," ING said.

On Monday, the World Health Organization warned that the spread of cases among people who have not been to China could be "the spark that becomes a bigger fire".

The disease has claimed 1,016 lives in China so far, Chinese health officials reported on Monday.

The USD/CNY pair was down 0.2% to 6.9694.

Meanwhile, the USD/JPY pair gained 0.2% to 109.91 as Asian stocks recovered. Hong Kong’s Hang Seng Index surged almost 2%, while South Korean stocks also rose more than 1%.

The AUD/USD pair rose 0.5% to 0.6716. Data from the Australian Bureau of Statistics showed Australia’s December home loan lending accelerated to its highest level since July 2018.

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If the claim amount exceeds this, a co-payment of 15 percent, 20 percent, or 25 percent is applicable as opted by the customer at the time of purchasing policy. This co-payment is applicable only if the claim amount exceeds 100 times room rent and not on the total claim amount.

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The U.S. dollar remained in demand Tuesday, boosted by its safe haven status as the coronavirus outbreak continues to spread and also by signs of strength from the U.S. economy.

At 03:00 ET (0800 GMT), EUR/USD traded at 1.0911, marginally up on the day, after falling to a four-month low on Monday. Similarly, GBP/USD traded at 1.2909, just 0.1% lower, having touched a two-month low of $1.2870 Monday. Futures on the Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 98.773, up 0.1%, having climbed as high as 98.858 on Monday, its highest level since mid-October.

The death toll from the coronavirus continues to mount, claiming over 1,000 victims in mainland China and infecting over 40,000 people.

Measures of returning workers and passenger traffic flows within China suggested the virus had "a devastating impact on China's economy in January and February," said analysts at Nomura in a research note.

Anticipation of lower Chinese demand has has kept commodity-like currencies on the defensive for the last couple of weeks, with the Aussie dollar still close to a 10-year low and the Brazilian real, Russian ruble and South African rand all falling by between 3.7% and 5.6% over the last month.

Anticipation of lower Chinese demand has has kept commodity-like currencies on the defensive for the last couple of weeks, with the Aussie dollar still close to a 10-year low and the Brazilian real, Russian ruble and South African rand all falling by between 3.7% and 5.6% over the last month.

"The coronavirus hitting has money going into the U.S. dollar," said Westpac FX analyst Imre Speizer in a Reuters report. "You've seen a good run of economic data in the U.S., that's been another support.”

On Friday, the U.S. nonfarm payrolls for December continued to show robust employment growth, while sentiment surveys have tended to surprise to the upside.

Attention now turns to the testimony from Federal Reserve Chairman Jerome Powell to Congress, on both Tuesday and Wednesday.

The Fed has made clear its intentions to keep its powder dry regarding interest rates in the near future.

Also of interest will be the release of the U.K. gross domestic product figure for the fourth quarter of 2019, at 04:30 AM ET (0930 GMT).

The U.K. economy probably narrowly avoided a contraction at the end of 2019, with the Investing.com poll forecasting no growth on the quarter, resulting in annual growth of 0.8%.

Any upside surprise could boost a weak pound, but the tricky trade negotiations with the EU are likely to leave sterling on the back foot for the foreseeable future.

Also of interest will be a speech by European Central Bank President Christine Lagarde at 09:00 AM ET (1400 GMT). The central bank is in the middle of a major strategic review, and any comments from Lagarde over whether it changes its inflation goal will be of interest. Chief economist Philip Lane and newly-appointed board member Isabel Schnabel are also due to speak in the course of the day.

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- The U.S. dollar and Japanese yen were in demand on Tuesday, along with the bonds of both countries, as worries about the spread of coronavirus had investors heading for safe harbors.

The World Health Organization said overnight that the spread of cases among people who have not been to China could be "the spark that becomes a bigger fire".

Coronavirus has killed 1,016 people in mainland China, Chinese health officials said on Monday, though they also reported a drop in the number of daily new cases.

The dollar, seen as a safe haven owing to its position as the world's reserve currency, stood by a four month high against the euro at $1.0910 (EUR=). Against a euro-heavy basket of currencies it also stood at a four month high of 98.832 (DXY).

The greenback touched a three-month high of $0.6378 per New Zealand dollar , and at $0.6686 per Aussie dollar was not far above the decade peak of $0.6657 hit on Monday .

"It's been helped out by a lot of things," said Westpac FX analyst Imre Speizer.

"The coronavirus hitting has money going into the U.S. dollar," he said. "You've seen a good run of economic data in the U.S., that's been another support ... the vulnerable ones are the commodity countries like Australia and New Zealand."

China's central bank has moved to support the economy by cutting interest rates and flushing the market with liquidity. But with the extent of spread and its impact still unknown, investors have dumped currencies exposed to China for dollars and yen.

That left the yen fairly stable against the dollar - it last sat at 109.75 yen per dollar - but gaining steadily on other Asian currencies. Trading was subdued with Japanese markets closed for a holiday.

The Australian and New Zealand dollars have dropped more than 4% on the yen this year (AUDJPY=D3) (NZDJPY=D3). The Singapore dollar has lost 3% in as many weeks (SGDJPY=R).

U.S. Treasury and Japanese government bond prices have steadily climbed this year.

"The risk of a larger downgrade in Chinese GDP growth over Q1 20 and 2020 as a whole is gaining momentum," said Richard Grace, chief currency strategist at Commonwealth Bank.

"With China's economy accounting for some 17% of world GDP, but accounting for a significant contribution to growth in the global economy, the risk of a larger downgrade to global growth is clear," he said.

"Upside in AUD/USD is limited, and downside risks continue to mount."

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