Early trade in New York: Dollar rallies broadly

The dollar rebounded against major currencies and riskier emerging market units on Monday, snapping a week of declines as investors braced for prolonged uncertainty and governments tightened lockdowns and launched monetary and fiscal measures to fight the coronavirus pandemic.
China's offshore yuan fell after the Chinese central bank cut a key interbank interest rate, while Singapore's central bank aggressively eased monetary policy as well on Monday.
The euro, sterling and Australian dollar were all lower, bringing an end to recent rebounds that followed the Federal Reserve's efforts to calm the safe-haven rush to own the US currency earlier this month.
"You're starting see other central banks being active, with Singapore, for instance, delivering an adjustment to its band," said Edward Moya, senior market strategist at OANDA in New York. "All this follow-through easing around the world is providing a temporary dollar rebound."
In mid-morning trading, the dollar index rose 0.9% to 99.17.
Analysts said investors' end-of-month portfolio rebalancing as well as nervousness about the virus was also supporting the dollar.
The euro dropped more than 1% to $1.1026. Sterling fell 0.8% $1.2384.
The safe-haven Japanese yen rose marginally, putting the dollar down 0.1% to 107.81.
The dollar gained 0.4% versus the offshore Chinese yuan to 7.1132 after the People's Bank of China unexpectedly cut a key interbank interest rate, the seven-day reverse repurchase rate, by 20 basis points.
The Australian dollar dropped sharply before recovering to trade down 0.3% against the greenback to US$0.6149. The rand crumbled to a record low after Moody's cut South Africa's credit rating.