Dollar falls in holiday-thin Easter Monday

Market Review - 13/04/2020  14:41GMT  

Dollar falls in holiday-thin Easter Monday

The following forex summary for Monday's session is taken from Reuters currency report.  
  
The U.S. dollar index inched lower in thin afternoon trade with Europe out on holiday for Easter Monday.  
The dollar indexD, which measures the greenback against a basket of six rival currencies, was down 0.09%. Against the euro, the dollar was 0.19% stronger at $1.091.    The number of coronavirus-related U.S. deaths reported on Sunday was 1,513, the smallest increase since April 6. The largest number of fatalities is still in and around New York, the most populous U.S. city with about 8.4 million people.   
  
Financial markets remain on edge over the spread of the novel coronavirus as severe restrictions on personal movement drag the global economy into a deep recession. However, a slower news flow in the past few days has boosted risk assets modestly, and the safe-haven dollar has drifted modestly lower.  
The greenback has also been pressured in the last few weeks by Federal Reserve measures that have flooded the financial system with dollars to address a liquidity crunch caused in part by demand for the U.S. currency.  
  
Though the U.S. currency had drifted higher against the Australian and New Zealand dollars, those trends mostly reversed by Monday afternoon as the weekend's OPEC+ deal failed to soothe supply concerns.     Major oil producers agreed to the output cuts on Sunday to prop up oil markets as the pandemic severely curtailed global demand.   
  
Data to be released on Tuesday :    
Australia NAB business conditions, NAB business confidence, China exports, imports, trade balance and U.S. import prices, exports, redbook.