FOREX-Dollar drops after Fed launches new loan program - Yahoo Finance

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds details, updates prices; changes byline, dateline; previous LONDON) By Karen Brettell NEW YORK, April 9 (Reuters) - The dollar dropped broadly on Thursday after the Federal Reserve rolled out a $2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the U.S. economy intact as the country battles the coronavirus pandemic. The central bank's announcement came as data showed that the number of Americans seeking unemployment benefits topped 6 million for the second straight week, with businesses closed across the country in an attempt to stem the spread of the virus. “The Fed’s bold efforts helped to offset more horrific news on the job market. I would say that the Fed’s forceful action today underscores the unlimited firepower that the central bank wields and that’s going some way into sustaining the calm that’s descended on markets this week,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. The Federal Reserve will continue to use all the tools at its disposal until the U.S. economy begins to rebound fully from the harm caused by the novel coronavirus outbreak, Fed Chair Jerome Powell said on Thursday, even as he acknowledged the limits of the central bank's powers. The dollar index measuring the greenback against a basket of currencies fell to a one-week low of 99.50. Stocks have gained this week as risk appetite improves on optimism that regions that have been hit hard by the virus may be close to reaching a peak, which has reduced demand for the safe-haven dollar. Riskier currencies, including the Australian dollar, continued to outperform on Thursday. It gained 1.11% to $0.6295, the highest in over three weeks. The dollar dipped 0.15% against the Japanese yen to 108.81 yen. The euro gained 0.64% to $1.0926. European Union governments piled pressure on the Netherlands on Thursday to unblock half-a-trillion euros of economic support to fight the pandemic ahead of a meeting of finance ministers, with Italy saying the very future of the EU was at stake. ======================================================== Currency bid prices at 10:03AM (1403 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.0926 $1.0856 +0.64% -2.54% +1.0941 +1.0842 Dollar/Yen JPY= 108.6500 108.8100 -0.15% -0.19% +109.0600 +108.6100 Euro/Yen EURJPY= 118.72 118.14 +0.49% -2.65% +119.0000 +118.0800 Dollar/Swiss CHF= 0.9679 0.9717 -0.39% +0.01% +0.9733 +0.9667 Sterling/Dollar GBP= 1.2465 1.2385 +0.65% -5.99% +1.2479 +1.2362 Dollar/Canadian CAD= 1.3992 1.4012 -0.14% +7.75% +1.4076 +1.3955 Australian/Doll AUD= 0.6295 0.6226 +1.11% -10.34% +0.6306 +0.6196 ar Euro/Swiss EURCHF= 1.0574 1.0551 +0.22% -2.55% +1.0582 +1.0550 Euro/Sterling EURGBP= 0.8765 0.8763 +0.02% +3.68% +0.8782 +0.8727 NZ NZD= 0.6057 0.6004 +0.88% -10.08% +0.6066 +0.5987 Dollar/Dollar Dollar/Norway NOK= 10.1768 10.2544 -0.76% +15.92% +10.3388 +10.1561 Euro/Norway EURNOK= 11.1190 11.1320 -0.12% +13.02% +11.2429 +11.0770 Dollar/Sweden SEK= 9.9758 10.0609 -0.32% +6.72% +10.0986 +9.9537 Euro/Sweden EURSEK= 10.9037 10.9384 -0.32% +4.15% +10.9585 +10.8840 (Reporting by Karen Brettell; Editing by Dan Grebler)

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https://finance.yahoo.com/news/forex-dollar-drops-fed-launches-142041157.html

2020-04-09 14:20:00Z
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