The U.S. dollar was hit hard Monday by aggressive moves from the Federal Reserve overnight to try and buttress the U.S economy, as the coronavirus disrupts global activity ever more deeply

At 02:55 ET (07:55 GMT), EUR/USD traded at 1.1166, up 0.6%. The U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 98.177, down 0.7%. USD/JPY fell 1.3% to 106.56, after the Bank of Japan kept interest rates unchanged but increased its asset purchases, while GBP/USD traded at 1.2329, up 0.4%.

The global spread of coronavirus has roiled markets in recent weeks, causing volatility to spike and spurring a flight to haven assets. The U.S. dollar has been one of the main beneficiaries of this move, helped by relatively high interest rates and a growing economy.

However, the Federal Reserve slashed interest rates to near zero late on Sunday and announced massive bond buying, adding to the growing cavalcade of stimulus provided by central banks and governments around the world.

Source : Investing.com