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THE US dollar witnessed a sell-off, down 1.7% to 96.677, marking a two-month low as risk-on sentiment permeates global markets after US-China tension dwindled as President Donald Trump’s measures were seen not as severe as feared.
AMID a short working week due to Memorial Day, the US dollar witnessed a sell-off, losing 1.48% to 98.38, underpinned by global risk-on sentiment – which led to robust buying in the equity space with the Dow Jones rising 3.8% week-on-week (w/w) to 25,401 while the S&P 500 climbing 2.5% w/w to 3,030.
THE US dollar strengthened 0.73% to 100.466, benefiting from safe haven flows as investors turned wary over a potential second wave of the Covid-19 infection as many countries eased their lockdowns. The dollar also received additional impetus following:
THE US dollar appreciated by 0.41% to 99.89 owing to worsening US-China relations following:
THE dollar depreciated 1.26% to 99.11 largely due to the month-end rebalancing added with the dovish Federal Open Market Committee (FOMC) meeting after the Federal Reserve (Fed) opened the door for more monetary easing and dampened expectations for a quick economic recovery from the coronavirus crisis.
The US dollar plunged 1.34% to 96.820 after the Federal Reserve delivered an emergency rate cut – the first time since Oct 15, 2008. The target range now stands at 1.00%–1.25%.
Amid a short working week in conjunction with President’s Day, the dollar climbed 0.75% to 99.865, marking a near three-year high. The broad strength in the dollar was supported by demand for safe-haven assets in view of the coronavirus conundrum.
The dollar surged by 1.14% to 98.496 largely underpinned by stronger economic data, signalling that the US economy remains resilient despite concerns over slower global growth.