Source: Singapore – R. Witters
Oil prices collapsed 30% after Saudi Arabia surprised the markets by pledging to cut the price of crude and increase production following the collapse of the OPEC agreement to cut supplies.
The panicked investors of the bonds rushed in search of safety, and the 30-year US bond yield fell to 1% and for ten years, at 0.5%, to dispel what was once the main attraction of the dollar.
Amid frantic trading, the dollar fell 0.3% against the Japanese currency to 101.58 yen, the lowest level in three years. In the latest trading, the euro increased 1% to $ 1.1408, while the Australian and New Zealand dollars fell nearly two percent against their US counterpart.
During the trading, the Australian dollar fell 6% to its lowest level in 11 years against the yen, while its New Zealand counterpart fell more than 7%.
In the latest trading, the Australian dollar recorded $ 0.6540, recovering from a low of $ 0.6311, while the US dollar remained at its lowest level in 17 months against a basket of currencies.