The Australian dollar and other risk-sensitive currencies fell, while safe-haven currencies rose. This was due to growing doubts about the rapid recovery of the world economy after the coronavirus pandemic. Soaring levels of new diseases around the world and a bleak economic outlook from the Federal Reserve this week have triggered a sell-off in the stock market and risk aversion.

Recall, after its two-day meeting, on Wednesday, the Fed announced that it plans to conduct emergency support for the US economy for several years, which, according to officials, will shrink by 6.5% in 2020, and the unemployment rate will be 9.3%.

So far, most countries have not managed to contain the coronavirus, and the number of cases is growing worldwide, despite the fact that many developing countries are struggling to keep the outbreak under control. In the United States, the number of new infections has increased, after five weeks of decline. Part of this increase is due to more testing, but recent mass protests against police brutality and racism are thought to have increased the risks.