Dollar Nurses Losses Against Euro And Yen – 5 March, 2020

The dollar managed to stabilize after deep losses against the yen and euro on expectations that the Federal Reserve will have to cut rates by 50 basis points due to ongoing economic troubles cause by the coronavirus. The single currency gained 0.9% in overnight trading to $1.1226, up 1.9% for the week. Against the yen, the dollar fell to a six month low of 105.72 after dropping 1.2% overnight, and it fell 2% to 0.9443 against the Swiss franc. Sterling gained 0.7% against the dollar, while the dollar index was 0.8% lower against a basket of six major currencies to 96.639, having slipped to its lowest since Jan 6 at 96.608.