FOREX-Dollar near 3-year peak amid mad cash scramble

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

By Hideyuki Sano
TOKYO, March 24 (Reuters) - The dollar eased on Tuesday but
remained near a three-year high against a basket of currencies
as investors sought the world's main funding and settlement
currency ahead of a sharp anticipated fall in cashflow.
Market reaction was mixed to the U.S. Federal Reserve's
extraordinary array of programmes, its third emergency move this
month.
The dollar index =USD stood at 102.14, having dipped 0.3%
on Monday but still not far from Friday's peak of 102.99, its
highest level since January 2017.
Against the yen, the dollar traded at 110.95 yen JPY= ,
having hit a one-month high of 111.59.
The euro ticked up to $1.0752 EUR= after touching a near
three-year low of $1.0636 in the previous session.
The British pound stood at $1.1548 GBP=D4 , up 0.3% in
early trade though it remained near its 35-year low of $1.1413
set last week.
"The market is still nervous about possible moves to cash
everything, including unwinding of existing derivative
positions," said Kyosuke Suzuki, director of forex at Societe
Generale.
The Fed announced unlimited quantitative easing and
programmes to support credit markets on Monday in a drastic bid
to backstop an economy reeling from emergency restrictions on
commerce.
The programme includes purchases of corporate bonds,
guarantees for direct loans to companies and a plan to get
credit to small and medium-sized business.
While the move is likely to mitigate the blow for many
companies in the long-run, investors remained on edge amid
uncertainty about the extent of the pandemic.
Wall Street's slide deepened on Monday as the rapidly
spreading coronavirus forced more U.S. states into lockdown
while Washington's fiscal stimulus package remained stalled in
the Senate. Trading remained volatile, with the Australian dollar rising
0.75% to $0.5873 AUD=D4 , extending its recovery from a 17-year
low of $0.5510 touched last week.
Market players are looking to a raft of business sentiment
surveys in Europe due later in the day for a glimpse of how the
virus is affecting the real economy.