On Thursday, the dollar sank against most of its peers amid growing expectations that the Fed will cut interest rates this year
due to the struggle with the influence of coronavirus, where new cases are growing rapidly outside China, on global growth along with the sale of U.S. stocks (Dow Jones ended the day with a decline of 1,190 points, or 4.42%).
Amid expectations of the Fed's depreciation and its sell-off on U.S. Treasuries yields, the dollar met with renewed sales at 110.45 ahead of the opening of trading in Asia and fell to 109.86 in Europe on the background of the general weakness of the dollar. Then the dollar fell to 109.70 in New York in the morning, after which it rebounded to 110.34. Subsequently, after the resumption of sales, the price fell to a session low at 108.58 in the closing area of trading in New York.
The single currency remained at the front stop in Asia and rose to 1.0947 in Europe on the weakened dollar market this morning. Later, the pair rose to a 20-day high at 1.1005 in New York this morning amid wide weakness of the US dollar and cross buying of the euro, especially against the pound sterling.