Breaking: GBP/USD crashes below 1.18, EUR/USD under 1.09, brutal USD strength amid coronavirus crisis
|The US dollar is storming the board amid the coronavirus crisis. The world's reserve currency is in high demand as financial distress grips investors.
GBP/USD has extended its collapse, hitting a low of 1.1757, last seen in 1985 after smashing below the September 2019 low of 1.1957 several hours beforehand. The UK's initial "herd-immunity" policy contributed to sterling's fall.
EUR/USD has dropped below 1.09, trading at new monthly lows. The number of Covid-19 cases continues rising in the old continent.
Commodity currencies are at multi-year lows. AUD/USD collapsed under 0.59 in levels last seen in 2003. USD/CAD is trading above 1.44, also a multi-year low.
Oil prices are at their lowest since 2002, with WTI around $23 also due to the Saudi-Russian trade war.
Where will this stop? It is almost impossible to foresee it. See Trading Volatility: Resist the temptation to pick tops and bottoms
-- more to come
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