The dollar was still strong against most currencies yesterday, as it continued to benefit in this time of crisis. However, it’s in a slightly weaker position this morning as the markets are starting to stabilise.
The Federal Reserve announced that it will extend its currency exchange program to more countries around the world as the demand for dollars increases. This measure has been taken in the hope that it will prevent the global economy from going into meltdown.
President Trump said yesterday that he was going to sign the 1950 Defense Production Act, which means that the President can direct businesses to meet orders for products necessary for national security. However, he later tweeted that he would invoke the measure in the future.
Meanwhile, the US-Canadian border has been shut, only allowing for essential travel and commerce.
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