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A global rush for US dollars is driving extreme moves in currency and other markets, with companies and institutions drawing down credit lines and hoarding dollars. The Fed has expanded its swap lines to foreign central banks, but these measures have not reduced the volatility in the dollar.
Strategists say G-7 finance ministers may need to intervene.
The dollar funding squeeze raises the dollar's value against trading partners' currencies, which tends to weigh on US-priced grain and oilseed markets and increases import costs for buyers in emerging markets.
cnbc.comPatti Domm19 mar 2020Tras 2356 eventos alcista de macro pasados, Dólar estadounidense (amplio) se movió una mediana de +0,2 % en 5 sesiones (60% al alza; mitad central entre -0,3 % y +0,7 %), y +0,4 % en 20.
Tras 533 eventos bajista de macro pasados, Euro (USD por EUR) se movió una mediana de -0,3 % en 5 sesiones (33% al alza; mitad central entre -1,2 % y +0,2 %), y -0,5 % en 20.
Tras 301 eventos alcista de macro pasados, Real brasileño (BRL por USD) se movió una mediana de +0,4 % en 5 sesiones (57% al alza; mitad central entre -1,2 % y +1,7 %), y +1,0 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
The global scramble for US dollars and dollar hoarding pushed emerging-market currencies like the real sharply weaker, in line with the large BRL/USD move.
The global dollar rush, with companies drawing credit lines and hoarding dollars, describes the mechanism behind the euro's decline, although the report is dated 19 March, just after the window ends.
The global scramble for dollars and credit line drawdowns, in progress around March 18-19, put broad pressure on emerging market currencies including the real.
