US dollar gains

NEW YORK. – The dollar posted sharp gains yesterday against the safe-haven Japanese yen and Swiss franc, rebounding from the prior day’s huge losses, as investors hoped global monetary policymakers will launch further stimulus plans to ease the economic impact of the coronavirus outbreak.

The US stock market also rebounded Treasury yields rose across the board, as the market anticipated a news conference by US President Donald Trump on economic measures in response to the virus. Also, indications of further stimulus efforts by some governments helped steady the market after Monday’s gyrations. Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington, said the dollar’s “cautiously improved tone today largely mirrors broader markets that anticipate tax cuts and other fiscal steps from the Trump administration to help ease the economic blow from the virus.” – Reuters.