Dollar breaks weekly decline amid risk aversion

US, WASHINGTON (ORDO NEWS) — The dollar halted the weekly decline and rose against most major currencies and the more risky currencies of emerging markets on Monday amid tightening restrictions around the world due to the spread of coronavirus and preparing investors for a protracted period of uncertainty.

The US dollar rose to the pound, the euro and the Australian dollar. By 15:56 Moscow time, the pound fell 0.22% to $ 1.2429, the “Australian” dropped 0.64% to $ 0.6129, and the euro – 0.75% to $ 1.1056.

In relation to a basket of currencies, the dollar grew by 0.63% to 98.929.

The Japanese yen was held at 107.99.

The Chinese yuan on the offshore market dipped 0.34% to 7.1123 after the People’s Bank of China unexpectedly lowered one of the key interbank interest rates – the seven-day reverse repo rate – by 20 basis points.

U.S. President Donald Trump on Sunday extended the recommendations for self-isolation until late April, abandoning a harshly criticized plan to resume a full-fledged economy by mid-April after one of the government’s leading medical advisers said the outbreak of coronavirus in the country could blow over 100,000 lives.

Sensitively reacting to changes in oil prices, the Norwegian krone fell in price, as did the Canadian dollar.

The South African rand fell to a record low after Moody’s downgraded South Africa‘s credit rating.


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