The dollar is on track for its biggest weekly fall in more than a decade on Friday as a series of stimulus steps around the world, including a $2.2 trillion U.S. package, calmed a panic over a global recession following the coronavirus outbreak.
Data showing an unprecedented rise in U.S. jobless claimsunderscored the virus' devastating impact on the economy, but subsequent rise in Wall Street shares raised hopes a torrent of selling in risk assets may have run its course for now.
The dollar dropped to 109.70 yen shedding 1.44% overnight while the euro also jumped 1.40% on Thursday and last stood at $1.1073.
The biggest mover among major currencies was sterling, which rose 2.8% overnight before giving up part of that gain in early Asian trade. The British pound last stood at $1.2292.
An easing in dollar funding conditions is helping to reduce demand for the dollar. The number of Americans filing claims for unemployment benefits surged to a record of more than 3.28 million last week as strict measures to contain the coronavirus pandemic unleashed a wave of layoffs.
The focus stayed on an unprecedented $2.2 trillion stimulus expected to be approved by the U.S. House of Representatives on Friday.
03 Jun 2020 03:05 PM
The euro topped an 11-week high on Wednesday, on track for a seven-day winning streak
03 Jun 2020 02:34 PM
The Indian rupee fell for the first time in four sessions against the U.S. currency, as consistent dollar demand from state-run banks
03 Jun 2020 11:45 AM
Indian shares extended gains for a sixth session and the Nifty crossed the 10,000 mark for the first time since March 13, as Asia's third-largest economy gradually comes out of COVID-19 lockdowns and risk appetite picks up in global markets.
03 Jun 2020 11:16 AM
The yuan took a breather on Wednesday after strengthening against the dollar for four straight days
03 Jun 2020 10:45 AM
Gold traded steady on Wednesday after snapping a three-session winning streak in the previous day, as a rally in equity markets on hopes of more stimulus offset some support from a weaker dollar.
03 Jun 2020 10:32 AM
Indian rupee hit the highest level in five weeks and was at 75.23/75.24 to the dollar against 75.3625/75.3725 in the previous session