European Currencies Fluctuated. What About the U.S. Dollar?

599
European Currencies Fluctuated. What About the U.S. Dollar?

The euro rose by 0.31% to $1.0912 on Thursday. The currency soared against the Swiss franc, trading at 1.0631. On the other hand, the pound declined by 0.45% to 92.02 pence per euro.

The sterling lowered against the dollar, as well as the euro, as the investors worry that Britain is ill-prepared for an increasing number of coronavirus cases. Healthcare systems are already overwhelmed in Italy and Spain.

As a result, the pound dropped down early in Asian trade after the British authorities stated that the number of coronavirus cases rose to 9,529 in the U.K. on Wednesday.

Meanwhile, the German lower house introduced several measures to keep companies afloat and pay for healthcare. Among them, it approved a debt-financed supplementary budget of 156 billion euros on Wednesday.

The U.S. Dollar Declined After the Recent Rally

The dollar fell against the euro and the Japanese yen on Thursday. The U.S. currency declined by 0.69% to 110.47 yen. Furthermore, the dollar slid by 0.34% to 0.9739 against the Swiss franc.

Experts are waiting for new U.S. data, which may show a surge in unemployment benefit claims as the firms lay off workers while the coronavirus paralyzes the businesses.

Meanwhile, investors welcomed the passage of a $2 trillion U.S. stimulus package to offset the economic impact of the virus epidemy. Though analysts think that it may not be enough. The reports show that some U.S. states may need more money for medical supplies as the healthcare system struggles to cope with infection.

The Asian currencies lowered during the last days. The Australian dollar fell by 0.43% to $0.5934, while the New Zealand dollar declined by 0.24% to $0.5837.

Both the Aussie and the Kiwi dropped down to multi-year lows earlier this month as panicking investors liquidated positions in favor of holding the greenback in cash deposits.

  • Support
  • Platform
  • Spreads
  • Trading Instument

For more news updates, visit our homepage now and see our latest news article. Want to learn more about trading? Visit our education page now and learn for FREE!

Tags:

Leave a Reply

Sending