Investors continue to look for safe-havens. As a result, in Asia, the United States dollar has risen.
The United States dollar index tracks the greenback. Against a basket of other currencies, the dollar rose by 0.01% to 99.761 by 4:16 AM GMT (11:16 AM ET).
The United States President Donald Trump warned Americans to brace for a difficult two weeks overnight. The WHO (World Health Organization) said that the number of global coronavirus cases topped 800,000 by April 1.
Investing.com’s data is predicting that another 3.5 million Americans will fill in for unemployment benefits. This is because the United States announces its weekly initial jobless claims later today.
Chris Rupkey is the chief financial economist at MUFG Union Bank. He had an interview with CNBC. He said that if America’s optimistic president is warning that the worst of the pandemic is yet to come, then no factory in their right mind will keep the doors open and their workers on the payroll.
Dollar and Others
He adds that with only a few actual data points, the results indicate that it is looking more like a depression than your common garden-variety recession.
The USD/JPY pair was down 0.33% to 107.5
Shin-ichiro Kadota is a senior strategist at Barclays (LON: BARC). He told CNBC that they had seen yesterday, a deterioration of the United States economic outlook. It is likely to lead in the yen against the United States dollar.
The pair of AUD/USD lost 0.02% to 0.6069, down under, while the NZD/USD pair gained 0.2% to 0.5917.
Meanwhile, the pair of GBP/USD gained 0.02% to 1.2378, and the pair of USD/CNY lost 0.1% to 7.1056.
That is the current news of the market. COVID-19 appeared deadlier than we thought. Unfortunately, it spreads very quickly. Thus, the global economy is under considerable danger. The United States is also in a recession crisis. Let’s what they can do and hope that the situation will get better.
- Trading Instrument