USD rose against its most major counterparts in the European session on Friday as investors rushed to buy the currency amid mounting coronavirus fears. The U.S. Dollar Index (DXY), measuring the value of USD against a basket of currencies, rose by 0.60% to 98.05.

Market participants continued to digest the Fed's promise of a potential injection of more than $1.5 trillion into the financial system in an effort to calm market turmoil amid the coronavirus meltdown.

The U.S. central bank stated yesterday it would significantly increase the scale of its repo agreements, during which it buys Treasury bonds and other securities from banks and traders with an agreement to sell the product back with interest the following day or soon after. It is to offer $500 billion in repo operations on Thursday followed by $1 trillion in repo agreements Friday “to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak.”