# US dollar funding tensions and central bank swap lines during the COVID-19 crisis

> An ECB Economic Bulletin box examines US dollar funding tensions in the EUR/USD FX swap market since late February 2020. It finds central bank swap lines helped reduce funding premia and restore orderly market functioning.

- Date: 2020-07-30 · published 2020-07-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/52302-us-dollar-funding-tensions-and-central-bank-swap-lines-during-the-covid-19
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

This is a research analysis of funding markets with no direct commodity supply or demand implication for feed buyers.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-05-22 | [Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak? - Liberty Street Economics](https://feedsoft.ai/events/53037-have-the-fed-swap-lines-reduced-dollar-funding-strains-during-the-covid-19.md) | -0.9% | -1.5% |
| DXY | 2020-03-17 | [COVID-19 and the US dollar](https://feedsoft.ai/events/54308-covid-19-and-the-us-dollar.md) | +4.3% | +1.3% |
| DXY | 2020-03-19 | [Fed opens dollar swap lines for 9 additional foreign central banks](https://feedsoft.ai/events/54305-fed-opens-dollar-swap-lines-for-9-additional-foreign-central-banks.md) | +0.5% | -0.9% |
| DXY | 2020-04-03 | [Is there a dollar funding squeeze in China? - Central Banking](https://feedsoft.ai/events/53879-is-there-a-dollar-funding-squeeze-in-china-central-banking.md) | -0.9% | -1.0% |
| DXY | 2020-12-17 | [Fed’s dollar swap lines and ‘Fima’ facility to run nine more months - Central Banking](https://feedsoft.ai/events/49844-fed-s-dollar-swap-lines-and-fima-facility-to-run-nine-more-months-central.md) | +0.2% | -0.2% |
| EURUSD | 2018-10-03 | [US dollar strengthens after Fed comments - The Business Times](https://feedsoft.ai/events/62721-us-dollar-strengthens-after-fed-comments-the-business-times.md) | -0.2% | -2.0% |
| EURUSD | 2020-09-23 | [Dollar rallies as Fed, COVID-19 and recovery worries swirl \| Financial Post](https://feedsoft.ai/events/7695-dollar-rallies-as-fed-covid-19-and-recovery-worries-swirl-financial-post.md) | +0.1% | +1.4% |
| EURUSD | 2017-11-02 | [Pound sterling (GBP) plunges against the dollar (USD) and euro (EUR) as Bank hikes interest rates](https://feedsoft.ai/events/68237-pound-sterling-gbp-plunges-against-the-dollar-usd-and-euro-eur-as-bank-hikes.md) | -0.2% | +2.5% |

## Sources

- ecb.europa.eu: https://www.ecb.europa.eu/press/economic-bulletin/focus/2020/html/ecb.ebbox202005_01~4a2c044d31.en.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.