New York, April 7 (AFP/APP): The coronavirus outbreak in the United States has caused millions of people to lose their jobs and brought the economy to its knees but it has not dethroned the American dollar. To the contrary, the currency has risen in value this year, gaining six per cent from its lowest point reached in early March, according to the US dollar index, which measure’s the greenback’s value against a basket of other currencies. The dollar’s rise is primarily due to its privileged position as the world’s reserve currency. That means that in times of crisis investors want to put their money are in safe havens, even if the US economy is in trouble as well. Calling it “the exorbitant privilege of the dollar,” Kit Juckes, global head of foreign exchange strategy at Societe Generale said, “Lots of people want dollars all the time.” Unlike other currencies, “you find that you can print a lot of dollars without the dollar necessarily weakening dramatically,” he said. That is the US Federal Reserve’s move in recent weeks to pump multiple trillions of dollars in liquidity into the financial system have not weakened the value of the currency. “The demand for … Continue reading The dollar is still king, even as coronavirus slams US