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

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