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The dollar declines against most major currencies

The dollar declines against most major currencies

Jim Anderson - Public Relations

The US dollar is getting cheaper along with the euro and the yen in the Forex on Wednesday after a significant strengthening on the eve before.

The dollar was supported on Tuesday by the decision of the Federal Reserve System to launch a credit mechanism to support the short-term commercial debt. Market. The Federal Reserve thus expected to prevent the growing problems with financing companies in the context of the spread of coronavirus. The American Central Bank used a similar mechanism during the 2008 financial crisis.

The US currency will not become cheaper. Despite the significant easing of monetary policy by the Federal Reserve in recent years, given the huge demand for dollars in the world in the context of the crisis caused by the coronavirus pandemic.

As of 7:30 London time, the EURUSD rate rose by 0.23% to 1.1022 against $1.0997 at the close of trading on Tuesday. The value of the US currency against the yen fell by 0.87% to 106.76 yen compared to 107.70 yen at yesterday’s close, the value of the euro fell by 0.67% to 117.65 yen against 118.44 yen on Tuesday.

On the eve the dollar jumped by almost 2% paired with the euro and 1.4% against the yen.