Traders continued to flock to the safe haven of the U.S. dollar on Thursday, sending numerous other currencies to multi-yr lows.
As CNBC reports, desire for the dollar has been boosted by considerations about the economic fallout from the coronavirus inspite of the latest ways by environment central banks to relieve industry worry.
“The potent U.S. dollar is slamming global money marketplaces like a sledgehammer currently,” Stephen Innes, global main marketplaces strategist at AxiCorp, wrote in a consumer notice.
The dollar index, which measures the greenback’s toughness versus a basket of six other big currencies, rose about one.% to one hundred and one.seventy six on Thursday, its optimum considering that January 2017. The index is up about 3% for the 7 days.
The euro was one.31% reduce at $one.077, its weakest considering that April 2017, as traders rushed to dump euro positions inspite of a fresh new spherical of stimulus