The dollar fell 1.5% to 106.35 yen early on Monday in Asia. FMTNews Dollar
TOKYO: The dollar fell against a broad range of currencies on Monday after the US Federal Reserve made another surprise interest rate cut and major central banks took steps to relieve a shortage of dollars in financial markets.
The moves come as policymakers respond to a brutal months-long sell-off in financial markets due to worries about the economic impact of the global spread of the coronavirus.The Fed moved a little sooner and a little more aggressive that some thought,” said Ray Attrill, head of FX strategy at National Australia Bank in Sydney.
The move was designed to bring down the price banks and companies pay to access US dollars, which has surged in recent weeks as a coronavirus pandemic spooked investors. The Fed was originally scheduled to announce a policy decision on Wednesday, and the BOJ holds a two-day meeting ending Thursday, and the pressure has been on central banks to do something to restore calm to financial markets.
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