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FOREX-Euro stays quiet on Europe's day off; Australian dollar sinks

Published 05/01/2020, 03:17 PM
Updated 05/01/2020, 03:20 PM
© Reuters.

* US dollar broadly stable against most major currencies
* Sterling falls both against dollar and euro
* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh

By Olga Cotaga
LONDON, May 1 (Reuters) - The euro stabilised against the
U.S. dollar on Friday, having rallied the day before to a
two-week high on month-end flows and on news that the European
Central Bank will make loans to banks even cheaper.
Much of Europe was closed on Friday for the International
Workers' Day, as was much of Asia, but a new month brings a new
set of worries to investors as coronavirus infections rise to
3.3 million globally, claiming more than 230,000 lives.
The U.S. dollar was down slightly against the Japanese yen
as well, trading at 107.07 yen JPY=EBS , though another metric
of distress in the markets - the Australian dollar - fell by 1%
to 0.6447, its weakest since Tuesday AUD=D3 .
The Canadian dollar also fell, by 0.5% to 1.4016 against the
greenback CAD=D3 .
Analysts attributed the moves to poor equity performance in
the United States.
"The late day fall in the S&P 500 diminished the market's
gains for the month and turned April from the best month since
October 1974 to the best month since January 1987," said
Marshall Gittler, a forex analyst at broker BDSwiss.
"The mood was reflected in currencies as well, with CHF the
top gainer and AUD and CAD leading the way lower," he said.
Sterling gave up some of the gains it made the day before,
trading down 0.4% against both the dollar and the euro, at
$1.2550 GBP=D3 and 87.31 pence respectively EURGBP=D3 .
The euro was last up 0.1% at $1.0969 EUR=EBS .



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