The dollar stood tall today as investors rushed to buy the currency amid deepening panic over the coronavirus epidemic, while the euro nursed losses after the European Central Bank underwhelmed investors by not cutting rates.

The greenback held gains against most currencies after a blowout in swap spreads on Thursday signalled that investors want dollars.

Equity markets in Europe clawed back some ground in early trading to steady nerves after plunging on Thursday.

The euro traded at $1.12035, following a 0.7% decline on Thursday in the wake of the ECB decision. For the week, the common currency is on course for a 0.7% decline.

Against the pound, the dollar fell slightly to $1.2596 today, following its biggest one-day gain against sterling since July 2016.

However, the dollar rose 1.1% to 105.81 yen on course for a 0.5% weekly advance.