The Economic Calendar The US dollar underwent liquidation early Monday, as investors shifted away from safe havens, as more and more countries announced easing restrictions to stop the spread of the Coronavirus.
At the start of the European session, the US dollar index fell against a basket of 6 currencies, and stood at 99.970, a decrease of 0.5%. While the GBP / USD pair rose 0.5%, at 1.2434. As for the EUR / USD, it recorded a 0.2% gain to 1.0846.
The Economic Calendar
Over the weekend, the Coronavirus appeared to be confined, with new encouraging data indicating a decline in new infections, and fewer deaths, and this is happening in countries with high prevalence such as Italy and Spain, and those countries have begun planning to return the economy to work.
To bolster the optimistic tone, the Bank of Japan added earlier Monday more monetary stimulus, which increased the possibility of the Bank of Japan launching an unlimited bond purchase program, while raising the ceiling for government bonds and commercial paper purchases to 20 trillion yen.
The USD / JPY pair fell 0.3%, at 107.18.
In Europe, which has been hit by the most severe blow to the Coronavirus, Italy has begun increasing the details of restoring the economy to work and easing restrictions on the country from May 4. The carmaker, Volkswagen, is starting to resume business at Germany’s headquarters today.
As the British Prime Minister returned to work after recovering from the Coronavirus, it is expected to discuss plans and measures to reduce, not lift, the restrictions, and the government may set a deadline on May 7, at which time the government will be obligated to review its next rules.
Investors have flocked to the dollar in recent weeks, as economic turmoil persists as a result of the outbreak of the Coronavirus, as a benefit of 19.
Dansky Bank analysts said in a research note: any recovery in the global stock market during the month of April indicates that there is a rebalancing of the US dollar’s forces.
Investors are watching central bank meetings in the United States and in Europe this week.
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