The U.S. Federal Reserve continued to roll out emergency support on Friday as it...
FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo
In a coordinated statement with other central banks, the Fed said it would enhance the permanent U.S. dollar liquidity swap line arrangements it has with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank to further ease dollar funding stress abroad. “The swap lines among these central banks are available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets,” the joint statement said. Following the announcement, the dollar index=USD, which tracks the greenback against a basket of major trading partner currencies - including those from the other participating central banks - weakened about 0.4%, led by a nearly 0.5% gain in the euro.
Dollars have been in huge demand - and tight supply - in markets outside U.S. borders as banks, companies and governments scramble to secure them to service the dollar-denominated debts many have accumulated. That has sent dollar-funding costs spiraling and has led to a historic run-up in the dollar’s value against other currencies.
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