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.
FILE PHOTO: Pound and U.S. dollar bills are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration
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 $1.2183.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 dollar’s index against six other major currencies lost 1.5%, its biggest daily fall in almost four years. In particular, many asset managers may need to adjust their currency hedge positions after wild swings in global share prices.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trillion-Dollar Stimulus Jumpstarts Project To Issue Central Bank Currency On EthereumFollowing a bill proposal for trillions of dollars in stimulus money, a previously scheduled meeting about a new project to issue central bank money on ethereum, took on new meaning, and urgency.
Read more »
Dollar steadies after slide as greenback funding stays tightThe dollar halted its decline and gains in riskier currencies petered out on Wed...
Read more »
The Good, the Bad, and the Very Fucking Ugly of that Proposed Trillion-Dollar Covid-19 Stimulus PackageSo, you’ve probably heard that the Senate is poised to pass a $2.2 trillion stimulus package, to offset the economic fuckery caused by covid-19 (and the United States’ garbage response). But what exactly is in the bill? Who sees the benefits and who gets fucked? Well, it’s... a mixed bag.
Read more »
Singapore flags deep recession as coronavirus shrinks economy in first-quarterSingapore's economy suffered its biggest contraction in a decade in the fir...
Read more »
As UK eateries close, top chef switches to food boxes for needyMichelin star chef Andrew Wong and his staff have started producing cook-at-home boxes which they give free of charge to people who are struggling as radical measures to curb the spread of coronavirus take effect
Read more »