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U.S. Dollar Dips as Traders Brace for More Fed Rate Cuts
Thursday, 5 March 2020 23:44 WIB | CURRENCIES |DolarYenDolar AS Indeks DolarDOLLAR

The U.S. dollar slipped to a fresh eight-week low as traders bet the U.S. Federal Reserve will cut interest rates further, after slashing them by 50 basis points this week in an emergency move to shield the economy from the effects of coronavirus.

Monetary policy easing in the United States fueled by worries about the economic impact of the coronavirus is endangering the dollar's years-long rally and giving a boost to currencies around the world.

On Thursday, the dollar index, which measures the greenback's strength against a basket of six other major currencies, was about 0.5% lower at 96.99, after slipping to a low of 96.886, its weakest since Jan. 8.

Money markets were pricing in another 25 basis point cut from the current 1% to 1.25% range at the next Fed meeting on March 18-19 and a 50 basis points cut by April. Against the Japanese yen, which tends to attract investors during times of geopolitical or financial stress as Japan is the world™s biggest creditor nation, the dollar slipped to a five-month low and was last at 106.69 yen.

Source : Reuters

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