Dollar recovers as oil and virus threats lurk
TOKYO- The dollar managed to climb on Tuesday after meeting sharp decline versus Swiss franc, yen, and euro. Such boost was enforced by optimism on US economic stimulus and recovery in Treasury yields.
The previously beaten dollar found its momentum and recovered from previous defeat against other currencies. It clocked in 1% to 103.26 yen, soaring far from its lowest ground in more than three years. Against euro, the dollar advanced 0.17% while it sealed 0.39% increase against Swiss franc.
However, analysts said that it’s still early to call a bottom in the dollar as there is an ongoing price dispute between Saudi Arabia and Russia. In line, it prompted the sharpest decline in oil prices since the 1991 Gulf War.
US stock futures also recorded a well ended performance after US President Donald Trump disclosed that the White House will call for a conference on Tuesday to nurse the economic damage brought by the novel coronavirus.