Dollar rampage spurs forex interventions, speculation of big G7 move [Reuters]
ING Group, N.V. (ING)
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Source: Reuters
Dollar rampage spurs forex interventions, speculation of big G7 move - Reuters 6 Min Read (This March 19 story corrects to fix dollar gain in paragraph 4) By Karin Strohecker and Sujata Rao LONDON (Reuters) - From Brazil to Norway, policymakers are leaping to defend currencies against the onslaught of the dollar which scaled three-year peaks on Thursday, raising speculation that a joint move by the world’s biggest central banks may be in the offing. Unlikely, most market-watchers say. But these are unusual times, and Norway’s central bank earlier in the day threatened to intervene to lift the crown, a step it hasn’t taken in more than 20 years. The warning followed the crown’s 30% plunge versus the dollar in less than three weeks, though oil’s price collapse contributed. But the dollar’s brutal ascent — up 5% this month against a basket of peers — has sent almost every other currency reeling. Amid the crisis caused by worries about how badly the coronavirus pandemic will hit the world
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