The value of the US dollar is falling today as a result of the measures implemented by the US Federal Reserve (Fed) to stimulate the country's economy.
At 8:20 CET, the dollar fell to 110.56 yens, down from the 111.2 yens at the end of the previous trading session. Meanwhile, the dollar index fell by 1.11% to 102.09 points.
At the same time, oil, S&P 500 futures and Asian stock markets are all growing. In particular, the price of the Brent crude barrel has risen by 3.85% to $28.07.
In addition, the Fed said yesterday it plans to swap Treasury and mortgage bonds to support the market. US Treasury Secretary Steven Mnuchin recently said the Fed would release up to $4T in liquidity in order to support the economy amid the coronavirus crisis as part of a bill that is being discussed in the Congress.
These unprecedented measures implemented by the Fed have increased investors' appetite for risky assets. A week ago, the Fed lowered its key interest rate to almost zero and announced it plans to spend $700B in buying government bonds and mortgage-backed securities.
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