The dollar continues to surge to unprecedented levels against all currencies as the market looks for safety in the world's reserve currency. EUR/USD falls to 1.08 as Europe shuts down borders and COVID19 cases keep rising.
Today, saw a historical collapse of the Pound, falling to levels not seen since 1985 where it reached a low of 1.0520 versus the US Dollar. GBP could fall further as the UK Government announces school closures and the market anticipates further measures locking down the economy to manage the rate of COVID19 infections.
UAE Dirham along with other Middle-East currencies pegged to the US Dollar trade close to all time highs, prompting huge repatriations of savings by expatriate workers based in the region.
Australian Dollar surpasses the 2008 Great Financial Crisis lows against the USD as commodities slide. Looking ahead, we could see the AUD recover as the Chinese economy kicks back into action.
South African Rand along other Emerging Market currencies fall to all time lows versus the US Dollar. The South African economy continues to be plagued by mismanagement and electricity blackouts which could hamper the response to the Corona Virus Pandemic.