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Dollar gains as pandemic drives global demand for cash




Dollar gains as pandemic drives global demand for cash

  • Update Time : Monday, March 23, 2020
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Dollar gains as pandemic drives global demand for cash
Dollar gains as pandemic drives global demand for cash

MarketDeal24.Com – US Dollar has registered a surge in its value on Monday, the first trading day of the week as fresh plunge in the values of shares globally and worries about liquidity shortage amid this on going coronavirus pandemic or ‘COVID-19′ has accelerated investors’ flight towards hard cash.

The greenback, as the USD is known in some circles, rose in value against British pound sterling towards its strongest showing since the year of 1985. The USD also scored highest in three years against the euro.

The legal tender of the United States also gained against New Zealand Dollar or ‘kiwi’ which is at 11-year record breaking high. Against Australian Dollar or ‘aussie’ the USD is at 17-year peak now.

In today’s trading during the Asian session, the US futures stock and crude oil prices are under a renewed pressure as more and more people are scheduled to go under a lockdown in a measure to contain the spread of this pandemic.

The dollar climbed by 0.45% against pound sterling to $1.1671, approaching the strongest since at least 1985. Against euro, it is now at $1.0707.

Against the safe-haven Japanese yen , the U.S. currency fluctuated between gains and losses but last traded down 0.5% at 110.27.

The virus has now been spread out to more than 100 countries and has claimed more than 13,000 lives.

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