Dollar heads for loss on Fed backstop, receding coronavirus fears
Friday, 10 April 2020 08:28 WIB | CURRENCIES |Poundsterling EuroCurrencyDOLLAR

The dollar started Friday's trade on a shaky footing and was on course for a weekly loss as the U.S. Federal Reserve's massive new lending programme for small companies and signs of a slowdown in coronavirus infections reduced safe-haven demand.

The pound pulled ahead against the dollar and the euro as markets breathed a sigh of relief after British Prime Minister Boris Johnson left intensive care following his hospitalisation for COVID-19 symptoms.

Risk sentiment has steadily improved this week on tentative signs that the pandemic is slowing in U.S. and European hotspots, but some analysts remain cautious given so little is known about the virus and as many nations continue to grapple with the massive economic damage caused by the outbreak.

Against the euro, the dollar last stood at $1.0930, on course for 1.2% weekly decline.

The pound held steady at $1.2465 on Friday, and headed for a 1.6% gain this week. Against the euro, sterling was on course for its third consecutive weekly gain.

Source : Reuters

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