US dollar

The strategists also suggest buying the euro, Canadian and Australian dollars against the greenback.

Revenue disappeared overnight as the world went into lockdown during March and April, and the impact was indiscriminate.

Asian shares were set to gain on Wednesday, encouraged by buoyant US moves that followed stronger-than-expected manufacturing indicators while the dollar emerged from its recent lows against the euro.

Of late, however, there appears to be a reversal in growth expectations, driven by the country’s worsening outbreak, the likelihood of more fiscal spending and rising deficit as well as extremely dovish comments from the Fed.

The US dollar struggled to stem its broad decline as investors worried the US economic recovery may lag other countries due to a high level of coronavirus infections.

JP Morgan's Asia chief market strategist Tai Hui adds that while the USD has been able to “stay strong” until recently, there are new factors that may cause the reversal of its bullish trend.

Asian share markets turned mixed on Monday as US lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases

Goldman Sachs Group Inc. put a spotlight on the suddenly growing concern over inflation in the US by issuing a bold warning Tuesday that the dollar is in danger of losing its status as the world’s reserve currency.

A looming credit crunch was evident even before the Covid-19 pandemic. In December 2019, a report from Robert Triffin International noted that every metric of dollar exposure outside the US was flashing red.

The rush for dollars is gaining pace despite every attempt by the Federal Reserve and its peers to provide liquidity through swaps, repurchase operations and emergency rate cuts.