Forex Today: Long Live King Dollar
|Here is what you need to know on Thursday, March 19th:
- Demand for the greenback was out of control, with several other currencies collapsing to multi-year lows. The coronavirus keeps spreading with over 214,000 cases worldwide, and cases and deaths growing exponentially in Europe, also spreading in the southern hemisphere where summer should mean less flu-related illness.
- Equities worldwide were a sea of red, with the DJIA losing 6.3% and the S&P shedding 5.18%. Trading in both was halted mid-US session. Surprisingly, US Treasury yields closed in the green, with the yield on the benchmark 10-year note settling at 1.19%.
- The Pound and commodity-linked currencies were the worst performers. GBP/USD collapsed to 1.1440, a level that was last seen in 1985, amid the UK government´s soft approach to the crisis. The number of deaths in the UK doubled in the last 24 hours, and the government finally announced schools will close this Friday. No other measures were announced.
- The USD/CAD soared to 1.4650 as crude oil prices plunged. WTI traded as low as $20.00 a barrel amid plummeting demand on a paralyzed world.
- Gold eases amid dollar’s strength, settling below 1,500.00
- The US Senate passed the House's coronavirus relief bill, as expected.
- Crypto Today: Bitcoin $5000 remains a major risk
- RBA and Australian Employment Preview: Useless rate cut to do no good to Aussie
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.