NEW YORK: The COVID-19 outbreak in the United States has caused millions of people to lose their jobs and brought the economy to its knees but it ...
The dollar's rise is primarily due to its privileged position as the world's reserve currency. That means that in times of crisis investors want to put their money are in safe havens, even if the US economy is in trouble as well.
Another reason for the dollar's appeal is the pressing need for cash by companies who have seen the crisis sap their revenues.The currency is also the most traded in the world on the foreign exchange market, and the Fed announced last month that it would facilitate currency swaps with several other central banks so they could increase their dollar reserves.
With the onset of the crisis and the shutdown of huge portions of the economy, the Fed last month cut the rate to zero. Investors have been betting that the global recession will be deeper than the US downturn, and that other countries won't emerge as quickly as the US.
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