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The scramble for cash keeps the dollar's momentum in Asia
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Economy News _ Baghdad
The dollar resumed its continued rally against major currencies on Thursday, as violent financial market volatility and concerns over liquidity tightness caused by the Corona virus epidemic caused investors to flock to cash.
Sterling fell to the lowest level since at least 1985 against the US currency. The Australian dollar fell to its lowest level in 17 years, while the New Zealand dollar fell near the lowest level in 11 years as investors exited high-risk assets.
The dollar rose briefly against the dollar and sterling after the European Central Bank announced a program to buy assets in response to the outbreak of the Corona virus, but even this endeavor was overshadowed by the rush towards the dollar.
Investors are selling what they can to keep their money in dollars because of the unprecedented level of uncertainty caused by the outbreak, which threatens to paralyze large parts of the global economy.
The dollar rose 1.1 percent against sterling to 1.1497 dollars, approaching the strongest level since at least 1985, as the stampede towards the dollar damaged all currencies without exception.
The US currency jumped 3 percent to the highest level in 11 years against the New Zealand dollar and rose more than three percent against the Australian dollar to the highest level in 17 years.
Major central banks have taken steps to increase dollar liquidity, but this has had little impact on the dollar's gains.
Against the yen, the dollar rose 1 percent to 109.14.
The euro rose at the beginning after the European Central announced a new program to buy assets, but the single currency erased its gains and fell 0.21 percent to 1.0894 dollars.
The euro rose at the beginning after the European Central announced a new program to buy assets, but the single currency erased its gains and fell 0.21 percent to 1.0894 dollars.
The dollar financing crisis and the subsequent rise of the US currency in the spot markets caused major depreciations of emerging market currencies. The dollar is up 27 percent since the start of the year against the Brazilian real and about 10 percent against both the South Korean won and the Indonesian rupiah.
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