Dollar has lost an advantage to major currencies after the new Fed measures

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US, WASHINGTON (ORDO NEWS) — The dollar lost its advantage over a basket of major currencies on Monday after the Fed announced new large-scale programs for companies and the public to mitigate the effects of coronavirus.

The Federal Reserve on Monday introduced a range of programs for large companies, households, and small businesses, citing the “huge difficulties” facing the economy due to the coronavirus pandemic.

The US Central Bank, in particular, announced that it would buy treasury bonds and securities secured by mortgages (MBS) in the volumes necessary to ensure the smooth functioning of markets and the transmission of monetary policy.

Against a basket of major currencies, the dollar fell 0.5% to 102.01 to 16.22 Moscow time.

Against the yen, the US currency lost 0.2% to 110.6.

Against the euro, the dollar fell 0.66% to $ 1.0765 after rising to a maximum since April 2017.

At the same time, the dollar gained 0.3% against the pound to $ 1.1606.


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