The dollar halted its decline and gains in riskier currencies petered out on Wed...
The U.S Federal Reserve’s offer of unlimited bond-buying, on top of opening discount dollar funding lines to central banks around the globe, has supported risk sentiment for the past day along with hopes for a huge U.S. fiscal stimulus package.
But nerves and still-elevated demand for greenbacks in cash capped further gains in currencies like the Aussie, euro and pound. Cross-currency basis swap spreads, which reflect the cost of borrowing dollars abroad have relaxed for the euro EURCBS3M=ICAP but remain elevated for the yen JPYCBS=and Australian dollar AUDCBS=ICAP, for example.
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