Dollar climbs down as panic subsides, on course for biggest loss in decade | Eurasia Diary - ednews.net

6 June, Saturday


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

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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, EDNews reports citing Reuters.

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.

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

So far this week it is down 2.9%. If sustained by the end of U.S. trade, that would mark the biggest weekly decline since 2009, underscoring the currency market’s extreme volatility after last week racking up its biggest weekly gain since the global financial crisis more than a decade ago.

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