Dollar gains as global economy braces for further virus fallout [Reuters]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Reuters
Dollar gains as global economy braces for further virus fallout LONDON (Reuters) - The dollar rebounded on Wednesday amid growing concerns that the damage to the global economy from the coronavirus pandemic will be long and protracted, boosting the safe-haven appeal of the greenback. A fall in oil prices on expectations that production cuts by OPEC may not be enough to support crude during a global demand crunch also weakened riskier currencies, with the oil-exposed Norwegian crown and Canadian dollar down sharply. The U.S. dollar had weakened in the previous four consecutive sessions on cautious optimism that lockdowns were slowing the spread of the virus. But analysts warn that it remains unclear whether economies will recover quickly or whether it might take longer than expected. Fresh economic data from the U.S. later on Wednesday is expected to show a steep fall in retail sales, as well as hits to manufacturing and industrial production. This will be the first sets of economic da
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