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- Asian session review: the dollar rose slightly against most major currencies
Asian session review: the dollar rose slightly against most major currencies
The US dollar rose slightly against the euro and the yen after significantly strengthening the day before.
The dollar was supported on Tuesday by the decision of the Federal reserve system to launch a credit mechanism to support the market of short-term commercial debt. The Fed hopes to prevent further problems with financing companies in the context of the spread of the coronavirus. The Fed used a similar mechanism during the 2008 financial crisis.
The US currency will not become cheaper, despite the significant easing of monetary policy by the Federal Reserve recently, given the huge demand for dollars in the world in the crisis caused by the coronavirus pandemic, experts say.
"The demand for dollars in the financial system is just huge, and this puts pressure on the currency market," says Jefferies currency sector analyst brad Bechtel.
"At the same time, it is likely that we are now seeing only the initial stage of closing many sectors of the economy around the world," added Bechtel.
The day before, the dollar jumped almost 2% against the euro and 1.4% against the yen.
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