- European session review: USD and other safe-haven currencies strengthen, supported by increased demand
Market news
European session review: USD and other safe-haven currencies strengthen, supported by increased demand
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:45 | France | CPI, y/y | March | 1.4% | 0.6% | 0.7% |
| 06:45 | France | CPI, m/m | March | 0% | 0.0% | 0.1% |
| 08:00 | France | IEA Oil Market Report |
USD appreciated against other major currencies in the European session on Wednesday as demand for safe-haven currencies increased amid growing fears that the global economy is facing a long and hard road of recovery from coronavirus hit.
The U.S. dollar index (DXY), measuring the value of USD relative to the value of a basket of foreign currencies, rose by 0.61% to 99.49.
The International Monetary Fund (IMF) said that the global economy is expected to contract 3% this year, much worse than during the 2008-09 financial crisis, impacted by COVID-19 containment efforts. The Fund, however, noted that the risks for even more severe outcomes are substantial.
While trading lower against USD, JPY and CHF, other currencies with safe-haven status, rose against the rest of the major currencies.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer