Dollar falls as investors shift to stocks

The US dollar fell against most of its major peers today, as investors eschewed safe havens such as precious metals and the greenback in favour of stocks.

This came as investors grew more optimistic about signs of a slowdown in new infections and deaths of the coronavirus in the US.

President Donald Trump said he urged all US companies and industries to support the efforts against the coronavirus.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year.

Yellen added that the current US unemployment rate is by 12% or 13%, which reflects the severe economic impact of the coronavirus.

The dollar index fell by 0.8% to 99.9 points as of 18:40 GMT, after it hit a high of 100.7 and a low of 99.7.