Dollar Steady Against Major Currencies As Virus Spreads – 12 March, 2020

Fears about the economic impact of the coronavirus fueled the dollar, helping it stand tall against a basket of major currencies as investors reached for it as a safe haven. After the European Central Bank decided not to cut rates, the euro was trading at $1.1182 after a 0.72% decline the previous session, with the currency on track for a 0.9% loss for the week. Against the Swiss franc, the dollar was steady at just below a 0.9% weekly gain after trading at 0.9456. The greenback was steady against the pound at $1.2544, up 3.8% against sterling for the week and performing at an October 2016 high. Against the yen, the dollar was up 0.34% to 105.01 yen but was not enough to dig it out of a third straight week of declines.