It took a 50 BP cut by the BOC to win the weakest battle (for now at least)
The USD was mixed at the start of the NY session with gains vs the NZD, CAD and EUR, and declines vs the JPY. The greenback was near unchanged versus the GBP, CHF and AUD.
Since then, the dollar has moved steadily down. The snapshot of the strongest and weakest now shows the US only behind the CAD as the weakest of the majors. For the CAD it took a emergency meeting cut up 50 basis points to 0.25% today to take the top spot for the weakest of the majors.
For the week(see weekly changes in the chart below), the GBP is still the strongest of the majors, but the USD is the runaway weakest ahead of the CAD. The USD fell by -6.48% currently vs the GBP and by -6.19% vs the AUD. Both those currencies have been hit hard through the early part of the coronavirus crisis. The dollar was less weak vs the CAD and JPY this week, but still lower vs. each.
