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Dollar stumbles as coronavirus ramps up Fed cut bets
Friday, 28 February 2020 08:30 WIB | CURRENCIES |Dolar AS

The dollar nursed losses on Friday after its worst day against the euro in nearly two years, as the global spread of the coronavirus fired up expectations for a U.S. rate cut and pushed the hunt for yield elsewhere.

The worsening outbreak now has money markets all but certain the Federal Reserve will lower its benchmark lending rate next month, which was priced as just a 9% chance only a week ago.

On Friday, the dollar was steady at $1.1001 per euro, just above a three week low, and headed for its biggest weekly loss on the single currency since last June.

It also dropped 0.9% against the Swiss franc overnight , as the spread of the virus to the United States had investors preferring the franc as a safe haven.

The Aussie last bought $0.6569 and the kiwi $0.6292.

Source: Investing.com

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