U.S. Dollar Lower As Fed Announces New $2.3 Trillion Stimulus Package
09 Aprile 2020 - 1:13PM
RTTF2
The U.S. dollar lost ground against its major counterparts in
the New York session on Thursday, after the Federal Reserve
unveiled $2.3 trillion stimulus package to support the economy amid
the coronavirus pandemic.
The Fed said it will provide up to $2.3 trillion in loans to
assist households and employers of all sizes and bolster the
ability of state and local governments to deliver critical services
during the coronavirus pandemic.
"Our country's highest priority must be to address this public
health crisis, providing care for the ill and limiting the further
spread of the virus," said Federal Reserve Chair Jerome Powell.
He added, "The Fed's role is to provide as much relief and
stability as we can during this period of constrained economic
activity, and our actions today will help ensure that the eventual
recovery is as vigorous as possible."
The Fed said the specific actions it is taking include
bolstering the effectiveness of the Small Business Administration's
Paycheck Protection Program by supplying liquidity to participating
financial institutions.
Data from the Labor Department showed that first-time claims for
U.S. unemployment benefits decreased in the week ended April 4 but
still came in well above economist estimates.
The report said 6.606 million people filed for unemployment last
week, a decrease of 261,000 from the previous week's upwardly
revised level of 6.867 million.
The greenback reversed from its early highs of 1.0841 against
the euro and 0.9734 against the franc, falling to 1-week lows of
1.0942 and 0.9666, respectively. Next key support for the greenback
is likely seen around 1.12 against the euro and 0.94 against the
franc.
The greenback depreciated to 108.52 against the yen, retreating
from a high of 109.06 seen at 9:00 pm ET. The greenback is likely
to face support around the 105.00 region, if it falls again.
The greenback was down at near a 2-week low of 1.2481 against
the pound, after climbing to 1.2361 at 2:00 am ET. Further
downtrend may take the greenback to a support around the 1.28
area.
Data from the Office for National Statistics showed that the UK
economy shrank unexpectedly in February due to a large fall in
construction.
Gross domestic product fell 0.1 percent month-on-month in
February, confounding expectations for a monthly growth of 0.1
percent.
The U.S. currency weakened to near a 4-week low of 0.6307
against the aussie, near 2-week lows of 0.6068 against the kiwi and
1.3935 against the loonie, reversing from its previous highs of
0.6195, 0.5985 and 1.4077, respectively. The greenback is poised to
challenge support around 0.70 against the aussie, 0.645 against the
kiwi and 1.33 against the loonie.
Grafico Cross Euro vs US Dollar (FX:EURUSD)
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