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Dollar climbs down as panic subsides, on course for biggest loss in decade


Friday, 27 March 2020 08:19 WIB

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The dollar is on track for its biggest weekly fall in more than a decade on Friday as a series of stimulus steps around the world, including a $2.2 trillion U.S. package, calmed a panic over a global recession following the coronavirus outbreak.

Data showing an unprecedented rise in U.S. jobless claims underscored the virus' devastating impact on the economy, but subsequent rise in Wall Street shares raised hopes a torrent of selling in risk assets may have run its course for now.

The dollar dropped to 109.42 yen , shedding 1.44% overnight while the euro also jumped 1.40% on Thursday and last stood at $1.1025.

The biggest mover among major currencies was sterling, which rose 2.8% overnight before giving up part of that gain in early Asian trade. The British pound last stood at $1.2183 .

An easing in dollar funding conditions is helping to reduce demand for the dollar.

The number of Americans filing claims for unemployment benefits surged to a record of more than 3.28 million last week as strict measures to contain the coronavirus pandemic unleashed a wave of layoffs.

While that eclipsed the previous record of 695,000 set in 1982 and was up 3 million from last week, it was below investors' worst fears.

The focus stayed on an unprecedented $2.2 trillion stimulus expected to be approved by the U.S. House of Representatives on Friday.

The dollar's index against six other major currencies lost 1.5%, its biggest daily fall in almost four years.

The Australian dollar traded at $0.6068 , having gained more than 10% from its 17-year low of $0.5510 touched on Thursday last week.

The New Zealand dollar stood at $0.5974.

Source : Reuters


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