Stimulus Package Eases Panic, Causes Dollar To Drop – 26 March, 2020

Panic over a global recession calmed as the U.S. released plans for a $2.2 trillion dollar stimulus package, causing the dollar to fall and land on track for its biggest weekly loss in over a decade. This comes as U.S. jobless data, primarily due to layoffs caused by the coronavirus, with a record 3.2 million and rising people filing for unemployment last week. The dollar fell 1.44% against the yen to 109.42 yen. The euro jumped 1.40% to $1.1025, while the pound rose 2.8% overnight before slightly dipping, last trading at $1.2183. In its biggest daily fall in four years, the dollar index fell 1.5% against a basket of six major currencies, down 2.9% this week alone.