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| Commodity News |
| HeadLine : |
Dollar climbs down as panic subsides, on course for biggest loss in decade |
| Date : |
Mar 27 2020 |
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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. 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. The focus stayed on an unprecedented $2.2 trillion stimulus expected to be approved by the U.S. House of Representatives on Friday. dollar's index against six other major currencies USD 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.
Source : Investing
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