Forex

Dollar continues slide ahead of US Congress vote on coronavirus stimulus package

2020-03-25 13:50:48 GMT (Economies.com)

The US dollar fell against against a basket of its peers on Wednesday, to head for the second straight daily loss, as investors stopped hoarding cash following a strong recovery in global stock markets, which comes ahead of the US congress vote on huge stimulus measures that are aimed at easing the impact of the coronavirus pandemic.

 

The dollar index fell 0.4% to 101.16 points, after opening at 101.60 points, and hit today's high at 101.91.

 

The index fell 0.7% yesterday, its second daily loss in 3 days on profit-taking from a 3-year high of 102.99 points.

 

Investors stopped hoarding the US dollar, after the US Federal Reserve announced on Monday an open quantitative easing program, which is aimed at easing the impact of the coronavirus pandemic.

 

This also came in tandem with improved market sentiment, thanks to the huge US stimulus measures, as investors stopped hoarding cash to counter the liquidity shortages, as the US stocks scored the largest daily gains since 1933 yesterday.

 

US Senators and the Trump administration agreed yesterday on the $2 trillion economic stimulus bill, and it is expected that the Congress will pass it later today.

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