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Dollar extends gains but oil and coronavirus pose major risks


Tuesday, 10 March 2020 15:25 WIB

DOLLARCurrency Yen Euro


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The dollar steadied somewhat on Tuesday after heavy losses against the yen, the euro and the Swiss franc, but traders warn the risks to the greenback remain high as policymakers try to fight off the widening fallout from the coronavirus epidemic.

The U.S. currency started to grind higher as Wall Street stock futures rose, and bond yields bounced, after U.S. President Donald Trump said the White House will hold a news conference on Tuesday about economic measures in response to the virus.

The dollar rose 2.3% to 104.73 yen , pulling back from the lowest in more than three years.

The yen also wobbled against major crosses, such as the euro (EURJPY=EBS) and the Australian dollar (AUDJPY=EBS), after Bank of Japan officials indicated their readiness to ramp up stimulus if needed before a policy meeting next week.

Against the euro (EUR=EBS), the greenback rose 0.72% to $1.13500 after falling on Monday to its lowest in more than a year against the common currency. Against the pound , the U.S. currency rose 0.7% to $1.3036.

The dollar gradually accelerated after U.S. stock futures opened higher (ESc1) and Treasury yields (US10YT=RR) climbed off record lows.

Source : Reuters


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