Risk currencies looked fragile and the yen firmed on Wednesday, the first day of a quarter that looks set to see the worst economic contractions for decades in many countries as they scramble to tackle the coronavirus epidemic.
Overnight the U.S. dollar gained against the both Aussie and the kiwi but weakened against the yen and ended almost flat against most European currencies.
On the whole, chaotic scrambling for dollar cash in the wake of global market routs in mid-March has subsided for now, with quarter-end funding demand out of way. “Against the yen, dollar is likely to slip further. Given the current economic conditions, Japanese firms will refrain from foreign direct investment.”
The Fed on Tuesday broadened the ability of dozens of foreign central banks to access U.S. dollars during the coronavirus crisis by allowing them to exchange their holdings of U.S. Treasury securities for overnight dollar loans.
France Dernières Nouvelles, France Actualités
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