The dollar benefited from quarterly and fiscal year-end demand from portfolio managers and Japanese firms, but trading was choppy, with the dollar alternating between gains and losses.
Analysts said the steep fall in U.S. equity markets during March led to increased buying of dollars for asset managers seeking to rebalance their portfolios at the end of the month. Essentially, the Fed is allowing foreign central banks to exchange their holdings of U.S. Treasury securities forIt is one of a slew of measures that the Fed unleashed to address liquidity problems caused by the economic fallout from the coronavirus pandemic.
Tuesday is the last trading day of Japan’s fiscal year and the end of the quarter for major investors elsewhere, which has fueled some volatility as big currency market players close their books.Some analysts believed that the dollar is likely to remain supported as investors brace for a sharp economic downturn in the coming quarters.
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