Market News

The U.S. dollar fell by 1.5 percent against the Japanese yen during early trade in Asia on Monday as the markets reacted to the Federal Reserve’s emergency interest rate cut

In the Asian trading session, the US Dollar managed to regain its status as a safe haven currency.

Sentiment for the US Dollar continues to erode after the US President failed to provide market players with any kind of comfort or reassurance regarding the Coronavirus pandemic.

Oil markets fell yesterday, as Brent oil futures went down by 3.84 percent and Western Texas Intermediate oil futures lost 4.02 percent.

The Dow Jones Industrial Average crossed into bear territory on Wednesday, which is defined as falling 20 percent below its most recent high.

An emergency interest rate cut from the Bank of England sent the Pound lower against the common currency Euro but maintained some traction versus the US Dollar.

Reports that U.S. oil producers are cutting output sent futures higher during Wednesday’s Asian trading session

As the coronavirus epidemic continues spreading around the world, the United States government together with Congress negotiated a series of economic measures

After several days of heavy losses against safe haven currencies, the US Dollar finally steadied in London trading.

Oil prices plummeted around 24 percent on Monday, the worst daily decline since 1991.

On Saturday the Italian government decided to put the northern region of Lombardy and 14 provinces into quarantine in order to contain the spread of the coronavirus epidemic.

A surge in interest in safe haven currencies resulted in the Japanese Yen gaining nearly 3% on the US Dollar as a massive decline in oil prices which sent equity and Forex markets into panic mode.

Global markets were facing intense volatility on Monday after a near 30 percent decline in oil prices over the weekend.

Oil prices crashed over the weekend and into Monday’s Asian trading session after OPEC failed to make a deal with its allies to cut production across the board.

The US Dollar came under heavy sell pressure, especially against the Euro and the Japanese Yen, attributed by analysts to a plunge in yields on US treasuries.