The dollar resumed its continued rise against major currencies yesterday, as violent financial fluctuations and concerns about liquidity shortages caused by the Corona virus epidemic caused investors to flock to cash.
Sterling fell to the lowest level since at least 1985 against the US currency.
The Australian dollar fell to its lowest level in 17 years, while the New Zealand dollar fell near the lowest level in 11 years, as investors exited high-risk assets. The dollar rose briefly against the dollar and sterling after the European Central Bank announced a program to buy assets in response to the outbreak of the Corona virus, but even this endeavor was overshadowed by the rush towards the dollar.
Investors are selling what they can to keep their money in dollars because of the unprecedented level of uncertainty caused by the outbreak, which threatens to paralyze large parts of the global economy. The dollar rose 1.1 percent against sterling to 1.1497 dollars, approaching the strongest level since at least 1985, as the stampede towards the dollar caused damage to all currencies without exception