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Tech & Science Dollar surges on funding crunch as virus roils global equities

11:13  23 march  2020
11:13  23 march  2020 Source:   reuters.com

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Major central banks have ramped up efforts to ease a global dollar funding crunch , but the U.S. currency remains in demand due to the high degree The virus has now been reported in more than 100 countries and has claimed more than 8,000 lives. Dollar surges on funding crunch as virus

By Stanley White TOKYO, March 23 (Reuters) - The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity Major central banks have ramped up efforts to ease a global dollar funding crunch , but the U.S. currency remains in demand

FILE PHOTO: An employee counts U.S. dollar bills at a money exchange office in central Cairo © Reuters/Mohamed Abd El Ghany FILE PHOTO: An employee counts U.S. dollar bills at a money exchange office in central Cairo

The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated the flight to cash.

The dollar rose against sterling toward its strongest since at least 1985. The U.S. currency hit the highest in almost three years against the euro.

Against the antipodeans, the greenback rose toward a 17-year high against the Australian dollar and approached an 11-year peak against the New Zealand dollar as investors dumped riskier assets.

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/news/forexdollar- surges - on - funding - crunch - as - virus - roils - global - equities -2191023. TOKYO, March 23 (Reuters) - The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated the

All Instrument Types. Indices. Equities . ETFs. Funds . Commodities. Currencies. Major central banks have also ramped up efforts to ease a global dollar funding crunch , but the U.S. currency remains in demand due to the high degree of uncertainty about the unknown flu-like virus .

U.S. stock futures and oil prices came under further pressure early in Asian trading, which pushed the dollar higher as more people are placed under lockdown in an effort to contain the virus, traders said.

Investors are also hoping for big fiscal spending to mitigate the damage to the global economy, but uncertainty about the spread of the virus is likely to support the dollar in the future.

"We've moved from risk-off to a phase where major players are competing with each other for the safety of holding dollars in cash," said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo.

"There are still a lot of investors who need to sell riskier assets, and they want to hold their money in dollars."

The dollar rose 0.96% against the pound to $1.1559, approaching the strongest since at least 1985. The dollar gained 0.33% to $1.0360, the strongest since April 2017.

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FOREX- Dollar surges on funding crunch as virus roils global equities . By Stanley White TOKYO, March 23 (Reuters) - The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated

FOREX- Dollar surges on funding crunch as virus roils global equities . March 23 (Reuters) - Gold prices fell on Monday as investors liquidated their positions in the safe-haven metal despite stimulus measures from global central banks to combat economic damage from the coronavirus

The greenback closed in on multi-year highs against the Australian and New Zealand dollars.

Against the yen, the currency rose 0.11% to 110.92.

Investors have been liquidating positions in safe-havens and other riskier investments to keep their money in dollars due to the uncertainty caused by the epidemic.

Major central banks have ramped up efforts to ease a global dollar funding crunch, but the U.S. currency remains in demand due to the high degree of uncertainty about the unknown flu-like virus.

The dollar has also surged against many emerging market currencies, highlighting the growing sense of risk aversion across the globe.

Early in Asian trading, the dollar rose to a record high against the Mexican peso.

So far this year the dollar is up 26% against Brazil's real, up around 8% against the Korean won and up 15% against the Indonesian rupiah.

Republicans and Democrats in the U.S. Senate are trying to complete a deal on a $1 trillion-plus bill aimed at stemming the coronavirus pandemic's economic fallout for workers, industries and small businesses.

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/news/forexdollar- surges - on - funding - crunch - as -us-stimulus-falters-2191005. All Types. Indices. Equities . ETFs. Funds . Commodities. Major central banks have also ramped up efforts to ease a global dollar funding crunch , but the U.S. currency remains in demand due to the high degree of

Oil prices fell on Monday as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contraction. Dollar surges on funding crunch as virus roils global equities .

But there was no sign of an overarching deal between negotiators, despite Republicans' claims of bipartisan agreement on specific issues including unemployment insurance and small business assistance.

Nearly one in three Americans were ordered to stay home on Sunday to slow the spread of the disease, while Italy banned internal travel as deaths there reached 5,476.

U.S. President Donald Trump has approved disaster deceleration requests from New York and Washington, while St. Louis Federal Reserve President James Bullard warned unemployment could reach 30% unless more was done fiscally.

Global markets have been upended in recent weeks as the coronavirus spread from central China and governments responded with increasingly strict restrictions on travel and daily life, disrupting businesses and prompting consumers to stay at home and rein in spending.

The virus has now been reported in more than 100 countries and has claimed more than 8,000 lives.

(Reporting by Stanley White; Editing by Sam Holmes)

China's factory activity rebounds as work slowly resumes .
Factory activity in China rebounded in March from a record low, according to official data released Tuesday, returning to expansion territory while the coronavirus pandemic continues to devastate the global economy. Businesses have gradually resumed work after being brought to a standstill this year to contain the spread of the deadly pathogen, although further challenges loom on the horizon -- such as sluggish external demand as the virus spreads rapidly across the world.

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