TOKYO - The dollar recouped lost ground on the yen and extended gains against risk currencies on Tuesday, in a choppy trading session that underlined fragile confidence in frazzled markets.
Investors and businesses are scrambling for dollars as the outlook grows darker by the day. China has reported a fresh rise in cases. Malaysia is preparing to enter lockdown amid ever tighter measures in Europe and the United States. “This is a world I have never seen before. This crisis is more incomprehensible than previous crises like the tech bubble burst and the LTCM crisis .”, seen as sensitive to global growth due to the country's link to commodities, fell 0.7% to a fresh 11-year low of $0.6065.
No wonder, until the outbreak stops, for investors, it is time for patience.
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