Dollar advances as virus inflicts the economy further

SINGAPORE- The dollar is currently on track towards a 2% weekly increase on Friday. This followed after oil prices recovered and as investors resorted to safe havens amid the threat of economic contraction due to coronavirus contagion.

The dollar found its momentum after fluctuating sharply last month. It edged up after becoming a safe-haven currency but went crashing brought by a high level of liquidity that the U.S. Federal Reserve injected to the market.  

The greenback was quoted at $1.0836 per euro on Friday, increasing up to 2.7% this week. It also placed above other currencies with a 2% increase, its strongest trading activity since the middle part of March.

Oil prices supported the dollar’s performance against the euro. However, the Asian trading board was still cautious since traders are anticipating unpleasant news from U.S. payroll figures to be released at 1230 GMT.