After moving sharply lower over the past several days, the U.S. dollar has shown a significant move back to the upside on Tuesday.

The U.S. dollar index has surged up by about 1.7 percent after tumbling to its lowest levels in over a year in yesterday’s trading.

The greenback has also spiked to 105.53 yen compared to the 102.36 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1287 compared to yesterday’s $1.1450.

The value of the dollar rebounded along with stocks on Wall Street, treasury yields and the price of crude oil, which all plummeted in the previous session.

Positive sentiment was generated in reaction to President Donald Trump’s pledge to provide “very substantial relief” amid the economic fallout from the coronavirus outbreak.

Trump told reporters Monday evening that he would be meeting with House and Senate Republicans today to discuss a possible payroll tax cut or other stimulus measures.

The president said he would also talk with GOP lawmakers about getting help for hourly wage earners, hinting at providing paid leave to those affected by the coronavirus.

A report from CNBC indicated Trump proposed cutting the payroll tax rate to zero for the rest of 2020 during the meeting with GOP lawmakers.

The material has been provided by InstaForex Company –