Dollar Hope Amidst Corona Virus Lockdown

The US dollar value reduces a bit this Friday, providing relief to all the shareholders. The lower curve of the dollar comes amidst the news of curable drug and vaccine trials. Shareholders bolstered by Donald Trump’s assurance of reinstating the economy in the midst of the lockdown retrieved some sense of risk aperture. 

Revitalizing results of the experiments and research trials that are being conducted on the critically affected patients in the University of Chicago hospital revived the comatose state of the economy. 

According to the reports, on 16th April, unemployment data showed a record of 22 million Americans sought unemployment benefits in the last month. However, Trump’s announcement of re-opening the largest economy instilled hope in the investors. 

The dollar, even after having a stronghold over Japanese Yen and Swiss Franc, faltered in front of the Euro, the British pound, and the Canadian dollar. The safe-haven currencies compensated the safe-haven assets like the Treasury yields and the S&P 500 index, which rallied 1.3%.

Dollar Hope Amidst Corona Virus Lockdown

“Stronger risk appetite put a brake on the greenback’s rally,” said Joe Manimbo, senior market analyst at Western Union Business Solutions. “Markets’ heightened sensitivity to all things coronavirus sent US stocks soaring at the expense of the safe bet greenback. Still, sustaining optimism has been challenging at best, which suggests any decline in the dollar may only prove temporary.”

The dollar continues to maintain the profit margin by a small gap after the safe-haven rally this week, procured from the dismal data from the United States on Wednesday and Thursday. In a report from Reuters’, China’s economy contracted in the first quarter; it is the first quarterly contraction since the country began publishing the data in 1992.

The fall of the dollar prompted the rise of the Euro by 0.41%. In April,  after the poor performance of the Euro against the dollar, with a 1.36% fall, it is expected to face the worst crunch since July 2019.

Analysts mull over the future of the Euro after its record-breaking dip against the Swiss Franc in five years.

“EUR’s status might have been evolving since the COVID-19 outbreak but, going forward, we are bearish. This is because we expect European data to decouple further from US data, and that is partly due to the lack of a coordinated European fiscal response – which we remain concerned about,” wrote Bank of America strategists in a note to clients. 

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