Asia shares rise on more stimulus hopes but dollar loses steam
A currency dealer works in front of electronic boards showing the Korea Composite Stock Price Index and the exchange rate between the U.S. dollar and South Korean won, in Seoul, South Korea, March 23, 2020. REUTERS/Heo Ran
The dollar nursed losses against major currencies as central banks’ steps to solve a dollar shortage in funding markets started to gain traction. The United States is now the country with the most coronavirus cases, surpassing even China, where the flu-like illness first emerged late last year. Policymakers may need to offer more stimulus as the virus slams the brakes on economic activity and increases healthcare spending.
The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, data showed on Thursday. Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic.”
Yields were still headed for a weekly decline, taking cues from the Fed’s extraordinary steps to bolster markets and the $2 trillion stimulus package.
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