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Dollar depreciates against euro and yen on expectations of Fed cuts

Dollar depreciates against euro and yen on expectations of Fed cuts

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Erik Holm - Head of media

During today’s Asian trading, the US dollar is getting cheaper along with the euro and the yen on rising expectations that the Federal Reserve System (FRS) will significantly lower its base rate to support the US economy amid the spread of coronavirus.

Expectations of the rate cut by the FRS rose after Fed Chairman Jerome. Powell said the Central Bank is “closely monitoring” the situation with COVID-19 and will use its tools to support the economy.

ECB President Christine Lagarde said yesterday that the central bank is ready to take “appropriate” measures, if necessary, to support the eurozone economy, whose growth is constrained by the spread of coronavirus.

As of 7:00 London time, the euro was worth $ 1.1145 compared to $ 1.1134 at the close of the previous session. The dollar in pair with the yen fell at the same time to 107.83 yen against 108.33 yen the day before.