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Dollar drops, Aussie, Sterling gain as risk appetite increases

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04/07/2020 | 04:45pm EDT
FILE PHOTO:  U.S. dollar banknote is seen in this picture illustration

The greenback dropped and riskier currencies, including the Australian dollar, outperformed on Tuesday as risk appetite improved on hopes that lockdowns may be slowing the spread of the coronavirus in some countries.

Sterling also rose a day after British Prime Minister Boris Johnson was moved into intensive care due to worsening coronavirus symptoms.

Analysts said the British currency is benefiting from the increased risk appetite that is weighing on the U.S. dollar. Johnson's condition, while a concern, is also unlikely to mean a change in the government's policy direction in fighting the virus.

?Despite the sad news about the UK PM Johnson, fatalities in the UK remain relatively low and slowed for the second day, although the apex is still thought to be about 10 days away,? Win Thin, global head of currency strategy at Brown Brothers Harriman in New York, said in a report.

?High-frequency data on coronavirus infections and death rates continue to stabilize,? Thin said.

In Spain and Italy, which account for over 40% of the world's fatalities, the death rate has been declining for several days, and public discussion has turned to how and when to ease weeks of drastic curbs on personal and economic activity.

New York state, the U.S. epicenter of the coronavirus, is nearing a plateau in number of patients hospitalized, Governor Andrew Cuomo said on Tuesday, a hopeful sign even as deaths in his state and neighboring New Jersey hit single-day highs.

The dollar was last down 0.81% versus a basket of currencies at 99.92. <=USD>

The Australian dollar jumped 1.54% to $0.6180.

Sterling gained 0.93% to $1.2343.

The euro rose 0.98% to $1.0897.

The dollar was down 0.40% against the yen at 108.76 yen.

Japanese Prime Minister Shinzo Abe on Tuesday declared a state of emergency to fight coronavirus infections in major population centres and rolled out a nearly $1 trillion stimulus package to soften the economic blow.

Action by central banks to ease a scramble for dollars that was seen in recent weeks has also helped bring some calm to markets.

"We've got a nice decline in volatility across forex and equity markets," said Kenneth Broux, FX strategist at Societe Generale. "We know central banks have done a very good job in alleviating the strain in dollar markets and that's feeding through."


Currency bid prices at 4:09PM (2009 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change


Euro/Dollar EUR= $1.0897 $1.0791 +0.98% -2.80% +1.0924 +1.0785

Dollar/Yen JPY= 108.7600 109.2000 -0.40% -0.09% +109.2700 +108.6800

Euro/Yen EURJPY= 118.51 117.85 +0.56% -2.82% +119.0200 +117.5200

Dollar/Swiss CHF= 0.9691 0.9786 -0.97% +0.13% +0.9793 +0.9686

Sterling/Dollar GBP= 1.2343 1.2229 +0.93% -6.91% +1.2384 +1.2167

Dollar/Canadian CAD= 1.3990 1.4109 -0.84% +7.73% +1.4142 +1.3945

Australian/Doll AUD= 0.6180 0.6086 +1.54% -11.98% +0.6207 +0.6077


Euro/Swiss EURCHF= 1.0562 1.0560 +0.02% -2.67% +1.0594 +1.0556

Euro/Sterling EURGBP= 0.8826 0.8822 +0.05% +4.40% +0.8864 +0.8801

NZ NZD= 0.5978 0.5930 +0.81% -11.25% +0.6015 +0.5921


Dollar/Norway NOK= 10.2720 10.4287 -1.50% +17.01% +10.4612 +10.1295

Euro/Norway EURNOK= 11.2030 11.2480 -0.40% +13.88% +11.2950 +11.0520

Dollar/Sweden SEK= 10.0370 10.1206 +0.05% +7.38% +10.1325 +9.9525

Euro/Sweden EURSEK= 10.9409 10.9352 +0.05% +4.51% +10.9590 +10.8641

By Karen Brettell

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.58% 0.89913 Delayed Quote.6.36%
EURO / JAPANESE YEN (EUR/JPY) 0.01% 119.67 Delayed Quote.-2.13%
EURO / NORWEGIAN KRONER (EUR/NOK) 0.21% 10.7931 Delayed Quote.10.09%
EURO / SWEDISH KRONA (EUR/SEK) 0.21% 10.4586 Delayed Quote.0.48%
EURO / SWISS FRANC (EUR/CHF) 0.01% 1.0673 Delayed Quote.-1.66%
EURO / US DOLLAR (EUR/USD) 0.04% 1.11069 Delayed Quote.-1.21%
WORLD CO., LTD. -3.03% 1567 End-of-day quote.-41.77%
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