Dollar Slips Back on Stimulus Hopes; Euro Gains Slightly
Wednesday, 25 March 2020 17:16 WIB | CURRENCIES | EuroDOLLAR

The U.S. dollar has traded lower Wednesday, as currency investors take comfort in the agreement reached over a hefty stimulus package by the U.S., and look to get into currencies perceived as more risky.

Senior Democrats and Republicans in the divided U.S. Congress said late Tuesday they had struck a preliminary deal on a $2 trillion stimulus package to limit the economic damage from the coronavirus pandemic. A vote on the relevant bill has been pencilled in for later Wednesday.

At 4:50 AM ET (08:50 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 101.600, down 0.6% on the day and down over 2% from Monday's high. It's still up more than 2.5% for the month, however.

USD/JPY rose 0.3% to 111.52, but GBP/USD looked perky at 1.1893, up 1.2%, and AUD/USD rose 1.7% to 0.6067, gaining along with most so-called commodity currencies, amid increasing signs of an industrial revival in China that should underpin demand for Australian raw materials.

The dollar was also weaker against emerging currencies such as the rand and ruble, while central European currencies also clawed back recent losses against the euro.

The euro has also pushed higher against the dollar, with EUR/USD trading at 1.0831, up 0.4%, but its gains have been less pronounced, after the Eurogroup made only timid progress in rolling out the region's fiscal backstop, the European Stability Mechanism, at a meeting on Tuesday.

Source : Investing.com

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