SINGAPORE -- The dollar was headed for its biggest weekly gain since the 2008 crisis on Friday, as the coronavirus pandemic drives a dash for cash that is stretching the world's financial plumbing.
The dollar rose 0.5 percent against the yen to a month-high of 111.30 yen. Already thin liquidity was reduced further by a Japanese public holiday, exacerbating sharp moves. At the same time, currency traders want dollar positions and investors need cash to cover losses in the stock market, and are liquidating everything from gold to bonds to get the dollars.
The dollar's 20-percent rise against the oil-exposed Norwegian krone over two weeks has Norway's central bank considering intervening to support its currency, a step it has not taken in more than 20 years.The scramble has already prompted the US Federal Reserve to allow 15 central banks around the globe to borrow dollars cheaply against their domestic currencies.
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