The Buck posted its biggest weekly decliner in more than 10 yrs Friday, as trillions of dollars worth of aid/stimulus efforts by governments and central banks helped temper a rout in global markets driven by the coronavirus pandemic.
The USD surged in March as tumbling stock and debt markets caused a scramble for the world’s most liquid currency.
But big government spending pledges and coordinated efforts by central banks around the world to increase the supply of USDs have supported a rally in other major currencies.
USD dipped 0.87% Vs a basket of peer currencies Friday to 98.41.
It fell 3.90% on the week, its biggest weekly decliner since March 2009. The .DXY last week had posted its biggest weekly gainer since the 2007-08 financial crisis.
Speculators increased their net Short dollar position in the latest week to $8.88-B, from $8.27-B the priors week, according to calculations by Reuters and US Commodity Futures Trading Commission (CFTC) COT data released Friday.
Now that the surge in demand for USDs overseas has been met by the Fed’s new improved swap lines, economic and medical fundamentals are taking over.
Have a healthy weekend, stay home!
Latest posts by HEFFX (see all)
- Tesla Is Hiring Someone To Defend Elon Musk And Fend Off Attacks By Twitter Trolls - January 20, 2021
- PayPal Will Continue To Profit From A Huge Increase In Volume And Accounts - January 20, 2021
- Google’s Ethical AI Division Investigating Sharing of Sensitive Documents - January 20, 2021