The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic.
The Dollar index plunged to 92.777, on course to post its biggest fall for the month in nearly a decade.
The Dollar fell against the Japanese Yen, reaching a 4-month low of ¥104.52 and last traded at ¥104.54 after slipping by 3.1% this month.
Meanwhile the British Pound Sterling traded at $1.3119 after hitting a 4 1/2-month high of $1.3136.
The Euro gained the most against the Dollar, reaching a two-year high of $1.1889 per Euro during a session after a record gain of 5.7% to $1.1869 in July. The Euro’s rally comes after leaders in the EU agreed to roll out stimulus plans amounting to €750 billion ($891 trillion) to stave the economic impact of the COVID-19 pandemic in the region.
Confidence in the U.S. currency further dampened after U.S. President Donald Trump signaled that the nation’s presidential election on November 3 may be delayed. However, the decision was rejected by both Democrats and Republicans in Congress.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...